/raid1/www/Hosts/bankrupt/TCREUR_Public/200922.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Tuesday, September 22, 2020, Vol. 21, No. 190

                           Headlines



B E L A R U S

BELARUS DEVELOPMENT BANK: S&P Alters Outlook on 'B/B' ICRs to Neg.


F R A N C E

RUBIS TERMINAL: S&P Assigns 'B+' LongTerm ICR, Outlook Stable


G E R M A N Y

DEUTSCHE LUFTHANSA: To Cut More Jobs, Dispose Further 50 Jets
KION GROUP: S&P Assigns 'BB+' Rating on EUR500MM Medium-Term Notes


I R E L A N D

BLACKROCK EUROPEAN IX: Fitch Affirms B-sf Rating on Cl. F Debt
BORETS FINANCE: Fitch Rates US$350MM 2026 Unsecured Notes 'BB-'
DRYDEN 62: Fitch Affirms B-sf Rating on Class F Debt
OAK HILL VII: Fitch Affirms B- Rating on Class F Notes


I T A L Y

GAMMA BIDCO: S&P Assigns 'B' LongTerm ICR, Outlook Negative
ICCREA BANCA: Fitch Rates EUR3BB Medium-Term Note 'B+'
UNIPOL GRUPPO: Moody's Rates EUR750MM 2030 Unsecured Notes 'Ba2'


N O R W A Y

NORWEGIAN AIR: Norway Extends Loan Guarantees by Two Months


R O M A N I A

BLUE AIR: To Launch 7 New Int'l Routes From Bucharest in December


R U S S I A

SOVCOMBANK: Fitch Withdraws 'BB+(EXP)' on RUB Unsecured Eurobonds
TOMSK OBLAST: S&P Affirms 'BB-' LongTerm Issuer Credit Rating


S P A I N

AUTO ABS 2020-1: Fitch Rates Class E Debt 'B(EXP)sf'
BBVA RMBS 1: Fitch Affirms Bsf Rating on Class C Notes
FTA UCI 14: Fitch Lowers Rating on Class B Notes to B+


S W I T Z E R L A N D

SCHMOLZ + BICKENBACH: S&P Withdraws 'CCC+' LT Issuer Credit Rating


T U R K E Y

[*] Fitch Affirms Ratings on 7 Turkish DPR Programmes


U K R A I N E

KERNEL HOLDING: Fitch Affirms BB- LongTerm IDR, Outlook Stable


U N I T E D   K I N G D O M

ALDO UK: Bought Out of Administration by Bushell Investment
AVON FINANCE 2: S&P Assigns B- Rating on Class F Notes
CALON ENERGY: Severn Power Station Placed in "Dormant" State
LANEBROOK MORTGAGE 2020-1: Moody's Rates Cl. X Notes '(P)B3'
LANEBROOK MORTGAGE 2020-1: S&P Assigns (P)BB+ Rating on X Notes

PIZZA HUT: To Shut Down Two Scottish Branches Under CVA Proposal
TORO PRIVATE: Fitch Cuts LT IDR to C on Debt Exchange Announcement

                           - - - - -


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B E L A R U S
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BELARUS DEVELOPMENT BANK: S&P Alters Outlook on 'B/B' ICRs to Neg.
------------------------------------------------------------------
S&P Global Ratings revised its outlook on the long-term foreign-
and local-currency issuer credit ratings on the Development Bank of
the Republic of Belarus JSC (DBRB) to negative from stable. At the
same time, S&P affirmed the 'B/B' long- and short-term foreign and
local currency issuer credit ratings on DBRB.

S&P said, "On Sept. 11, 2020, we revised the outlook on our ratings
on Belarus to negative from stable because of rising economic,
financial stability, and external risks in the country after the
disputed presidential elections in August 2020.

"In our view, the Development Bank of the Republic of Belarus
(DBRB) is among the key government-related entities in Belarus.
Given that it is ultimately 100% owned by the state, we link its
creditworthiness to that of the sovereign. Consequently, we are
revising the outlook on DBRB to negative, mirroring that on
Belarus.

"We see an almost certain likelihood that government would provide
DBRB with timely and extraordinary support, sufficient to service
the bank's financial obligations, if needed." S&P bases its
assessment on its view of DBRB's:

-- Integral link with the Belarusian government, demonstrated by
the state's 100% ultimate ownership, capital injections provided in
the past, and the government's promise to pay the bank's bonds when
the institution does not itself have the resources to do so, in
certain cases. Key government figures, including the prime
minister, are members of DBRB's supervisory board, and S&P
understands that the bank regularly reports on its financial
standing to the Ministry of Finance. The state maintains close
oversight of the bank's activities. S&P does not expect these
arrangements to change.

-- Critical public policy role, as the main institution providing
long-term loans under the Belarusian government's direction. DBRB
acts as a tool to fulfil several other policy functions. As of
year-end 2019, DBRB's total assets were equivalent to 7% of GDP and
constituted 12% of the banking system's assets. DBRB remains a key
agent in the implementation of certain projects and programs that
the government considers important for the country.

In S&P's view, it is doubtful whether the Belarusian government has
the capacity to support all its government-related entities (GREs).
However, S&P considers that DBRB is key to achieving several of the
government's political and social objectives. This should lead the
government to prioritize support for DBRB ahead of its other GREs.

The financial risks to which DBRB is exposed have increased since
the August 2020 presidential elections. The local currency has
depreciated and the economic outlook has worsened. Domestic
residents have also increasingly been converting their deposits to
foreign currencies and partially withdrawing savings from the
banking system.

S&P said, "We have placed the commercial banks we rate in Belarus
on CreditWatch negative. In our view, DBRB's asset quality could
deteriorate in the coming months, particularly as about 40% of its
extended loans are denominated in foreign currencies.

"That said, we consider DBRB less exposed to the recent
developments than commercial banks, because it is not allowed to
attract deposits from individuals." Additionally, DBRB's borrowing
from domestic commercial banks, excluding the funds provided under
the government program of family capital management that are
subject to withdrawal restrictions, is limited. It constituted less
than 2% of total liabilities and equity at the end of 2019.

In terms of maturing debt, DBRB plans to refinance some of the
foreign credit lines coming due before the end of 2020 and to
arrange new borrowing. Given the elevated political uncertainty and
the depreciation of the Belarusian ruble in recent weeks, foreign
bank lending limits to Belarus are likely to have tightened. This
could prompt DBRB to arrange more of its funding from Russian
government banks, which are likely to be more accommodating.

According to DBRB's management, the institution's capital adequacy
ratio is now close to 17.6%, down from 19.7% on June 1, 2020.
Nevertheless, this still represents a buffer above the 12%
regulatory minimum requirement.

S&P said, "We understand that some of DBRB's foreign borrowing is
subject to covenants, which kick in if the capital ratio drops
below a certain level. If required, the bank may apply for
financial support from its shareholder, the government of Belarus.
The government has previously provided capital injections to DBRB
on multiple occasions, although most were intended to enable it to
expand its lending operations in certain segments.

"We expect that the Ministry of Finance would provide any
additional financial support that DBRB requires in a financial
stress scenario." DBRB does not have recourse to central bank
funding and this has been formally codified in a December 2019
amendment to the decree governing its activities. More positively,
in July 2020, the government and the central bank adopted a new
resolution detailing the mechanisms that the Ministry of Finance
could use to extend financial support to DBRB, if required. These
include the purchase of bonds from DBRB's securities holdings;
purchases of DBRB's bonds; arranging swap and repurchase
transactions; and placing deposits to support DBRB directly.

This newly adopted decree does not guarantee that the government
would cover DBRB's full debt service in a timely manner, should the
bank experience financial distress. Support provision will be
considered by the Ministry of Finance on a case-by-case basis.
Nevertheless, provisions in the July 2020 decree, as well as the
existence of the "secondary liability" on the part of the state,
increase incentives for the government to provide financial support
if required.

S&P said, "As DBRB's creditworthiness is linked to that of the
sovereign, we do not assess a stand-alone credit profile for the
institution. We view the likelihood of extraordinary government
support as almost certain, given that the bank executes a number of
policies that are important to the government. We do not consider
that this government support is subject to transition risk."

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Transparency.
-- Governance factors.

The negative outlook on DBRB mirrors the outlook on Belarus.

S&P said, "We could revise the outlook to stable if we took a
similar action on Belarus, provided that DBRB's integral link with
and critical role for the government remained unchanged.

"We could lower our ratings on DBRB following a negative rating
action on the sovereign. We could also lower the rating on DBRB if
its link with, or role for the government weakened over the next 12
months. This could occur, for example, if the institution's
capitalization levels declined, alongside a watered-down mandate or
the government demonstrated diminished commitment to providing
support."




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F R A N C E
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RUBIS TERMINAL: S&P Assigns 'B+' LongTerm ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings assigned a 'B+' long-term issuer credit rating
to Rubis Terminal Infra SAS on Sept. 17. The outlook is stable. At
the same time, S&P withdrew its 'B+' long-term issuer credit rating
on Rubis Terminal SA. S&P took these actions because, when it
assigned the rating on May 11, 2020, the rated entity should have
been Rubis Terminal Infra SAS rather than Rubis Terminal SA. There
are no changes to its credit opinion or to the 'B+' issue rating on
the EUR410 million unsecured notes issued by Rubis Terminal Infra.





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G E R M A N Y
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DEUTSCHE LUFTHANSA: To Cut More Jobs, Dispose Further 50 Jets
-------------------------------------------------------------
Joe Miller at The Financial Times reports that Lufthansa has warned
that it will be forced to cut more jobs and dispose of a further 50
jets, due to a "significantly lower" recovery in air traffic as a
brief boost in demand during the holiday season fades away.

The German carrier, which secured a EUR9 billion bailout from
Berlin in June, said it expected to operate between 20% and 30% of
its capacity in the last three months of the year compared with
pre-crisis levels, down from an earlier forecast of 50%, the FT
relates.

The group, which includes brands such as Austrian, Brussels, Swiss
and Eurowings, had already announced that it will be faced with at
least 22,000 excess staff as a result of Covid-19, and cautioned
that those numbers would need to be "further adjusted", the FT
discloses.

According to the FT, Lufthansa said 20% of management positions
will be axed next year, although it refused to specify how many
more jobs would be at risk in total.

Lufthansa, which unlike most of its competitors owned about 760
jets when the pandemic hit, said it would permanently decommission
a total of 150 planes, and confirmed that all 14 of its Airbus
A380s would be put in "long-term storage", along with 10 A340-600s,
the FT relays.

The company said those decisions would lead to a EUR1.1 billion
writedown in its third-quarter results, the FT notes.

According to the FT, Lufthansa, which said it was burning through
EUR1 million of cash an hour at the height of the crisis, is now
paying out that amount roughly every 90 minutes, as the main source
of its revenues -- long-haul business travel -- remains at historic
lows.


KION GROUP: S&P Assigns 'BB+' Rating on EUR500MM Medium-Term Notes
------------------------------------------------------------------
S&P Global Ratings affirmed all of its ratings on material-handling
equipment maker KION Group AG and assigned its 'BB+' issue-level
rating and '3' (50%-70%; rounded estimate: 65%) recovery rating to
the company's new EUR500 million euro medium-term notes.

S&P said, "After a weak performance in the first half of 2020, we
expect KION's industrial truck business to begin to recover in the
second half.  The conditions in the capital goods sectors remain
mixed with some signs of recovery starting to emerge in certain
areas. We anticipate that the demand for industrial trucks will
shrink significantly in 2020 as customers remain cautious around
placing orders for new equipment amid the uncertain environment.
This was evident in the company's first-half performance when its
sales declined by about 14%. KION's industrial truck division
derived about 52% of its revenue from its service business in the
first half of 2020. However, given the declines in every segment of
the industry, the company was unable to offset the decline in its
new equipment sales, which fell by 21% in the first half of 2020,
with an improvement in its service business. We believe that KION's
industrial truck business will also report a soft second half
before signs of a modest recovery emerge in 2021.

"At the same time, we expect that the recently strong order intake
in its supply chain business will support the recovery in its
revenue over the next 12-18 months. We forecast that the group's
revenue will decline by 6%-8% in 2020 (which is better than our
overall forecast for the European capital goods industry) and
expand by 5%-6% in 2021."

The supply chain business continues to show resilience amid the
current uncertain environment.  S&P said, "We view KION's portfolio
of products as relatively diversified because it operates in
industries with various cyclical patterns. We see e-commerce as the
key to the future growth of the supply chain solutions and
logistics markets. Fast shipping, efficiency, and reliability are
the main elements that distribution companies are looking to
strengthen to successfully compete and fulfill their customers'
needs, especially against the backdrop of COVID-19. We anticipate
that digitalization and automation would help warehouses simplify
their processes. We also expect companies that have logistics
needs, such as retailers, to continue investing to respond to the
increased demand for logistics products and services. Over the next
few years, we expect that logistics companies will expand the scope
of their investment as the need to modernize and automate their
warehouses leads them to use different technologies to optimize
their operations and maximize their efficiency. KION's supply chain
solutions business has been resilient during the COVID-19 pandemic
with its order intake rising by about 57% in the first half of 2020
without any contraction in its sales. We believe the company will
continue to benefit from the very favorable trends in this
particular niche and anticipate that it will boost its segment
volumes--particularly in 2021--as it executes on its current order
book."

S&P said, "We expect KION's profitability to remain pressured in
2020 before materially recovering in 2021.  We expect the company's
adjusted EBITDA margin to decline in 2020 because it was unable to
sufficiently reduce its costs to offset the drop in its volumes,
especially in its Industrial Trucks & Services (IT&S) segment.
However, KION was able to increase the profitability of its Supply
Chain Solutions (SCS) segment by 0.3% in the first half of 2020.
Therefore, we expect the company's S&P Global-adjusted EBITDA
margin to fall to the 12.0%-12.5% range in 2020, from 15.6% in
2019, before recovering to about 15.7% in 2021. We note that
management is currently implementing a number of measures to reduce
costs and make its profitability more resilient and sustainable in
the future. These measures include adjusting its production
capacities in EMEA to the medium-term expected market level and
reducing direct and indirect costs. For example, KION is setting up
operations in lower-cost locations (like Poland and the Czech
Republic). We also see good potential that KION will improve the
margin profile of its supply chain business because it is adjusting
to more-standardized solutions for certain customers.

'We forecast the company will generate positive free operating cash
flow (FOCF) in 2020.  We expect KION to generate positive FOCF of
about EUR190 million in 2020, which compares with the EUR534
million it generated in 2019. This is a stabilizing factor for the
current rating given the ongoing weakness in its profitability. We
believe that the company will continue to expand its business to
take advantage of opportunities in the supply chain market and
forecast increase capital expenditure (capex) over the next few
years, though we still anticipate management will maintain positive
FOCF to provide some flexibility for bolt-on acquisitions. We would
separately review any potential larger acquisitions."

Management has implemented measures to enhance the company's
liquidity as it navigates through the pandemic.  KION reduced its
dividend payout amid the pandemic, to EUR4.7 million in 2020, which
S&P views positively. The company also paused some capital
investment projects, added an additional credit line of about EUR1
billion to bolster liquidity, and initiated an EMTN program, which
it will use the proceeds from to optimize its capital structure and
repay some of its upcoming maturities.

The company's diversified operations and leading market positions
will help it seize long-term expansion opportunities.  KION holds
the No. 1 position in Europe and the No. 2 position globally in the
industrial trucks and services industry, based on units sold in
2019, as well as the No. 1 global position based on its automation
revenue in 2018. Moreover, the company is the largest foreign
material-handling company in China in terms of revenue in 2019. S&P
said, "Despite the temporary uncertainties, we think KION has
strong potential to expand and take advantage of its competitive
strength. Through its acquisition of Dematic, the company gained
access to a fast-growing market and expansion opportunities in the
U.S. This acquisition should enable KION to benefit from
cross-selling opportunities in the U.S., where the company still
has a relatively weak position in the industrial truck business
compared with those of its peers (Raymond, Crown Equipment Corp.,
and Hyster-Yale Materials Handling Inc.). In addition, we think the
company's partnership with its owner Weichai Power Co. Ltd. will
enable it to further penetrate the Chinese market and expand its
cross-selling opportunities."

S&P said, "The stable outlook reflects our expectation that KION
will sustain an FFO-to-debt ratio of 20%-30% in 2021, up from less
than 20% in 2020, despite the persistent macroeconomic uncertainty.
The outlook also reflects our expectation that the company will
continue to generate positive FOCF, which will provide it with the
financial flexibility to carry out capital investments, sustain its
regular intra-year working capital swings, and make small bolt-on
acquisitions. We also expect KION to improve its profitability to
historical level by implementing cost-savings measures.

"We could consider downgrading KION if the company does not show a
strong commitment to maintaining the strength of its financial
profile and credit protection ratios, including a FFO-to-debt ratio
of at least 20% in 2021. We could also consider downgrading the
company if its operating results and cash flow generation remain
weaker than we expect, prolonging the recovery in its credit
metrics. Additionally, we would consider downgrading KION if it
adopts a more aggressive financial policy and undertakes a
large-scale debt-funded acquisition that weighs on its financial
risk profile.

"We could consider upgrading KION if its operating and financial
performance exceeds our expectations such that it maintains an
FFO-to-debt ratio of consistently above 30%. We would also consider
raising our rating if it reports continuous solid operational
performance and cash generation on a supportive financial policy
framework while committing to maintain credit ratios commensurate
with a higher rating. We could also consider an upgrade if the
company's largest shareholder Weichai Power Co. Ltd., which
currently holds a 45% stake, provides it with increased support."




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BLACKROCK EUROPEAN IX: Fitch Affirms B-sf Rating on Cl. F Debt
--------------------------------------------------------------
Fitch Ratings has taken multiple rating actions on BlackRock
European CLO IX DAC, including revising the Outlook of one tranche
to Negative from Stable and removing two others from Rating Watch
Negative (RWN).

RATING ACTIONS

BlackRock European CLO IX DAC

Class A XS2062957910; LT AAAsf Affirmed; previously at AAAsf

Class B XS2062958215; LT AAsf Affirmed; previously at AAsf

Class C XS2062958561; LT Asf Affirmed; previously at Asf

Class D XS2062958991; LT BBB-sf Affirmed; previously at BBB-sf

Class E XS2062959379; LT BB-sf Affirmed; previously at BB-sf

Class F XS2062959452; LT B-sf Affirmed; previously at B-sf

TRANSACTION SUMMARY

The transaction is in its reinvestment period and the portfolio is
actively managed by BlackRock Investment Management (UK) Limited.

KEY RATING DRIVERS

Stable Portfolio Performance

Portfolio performance has stabilised since the beginning of the
pandemic, when the class E and F notes were placed under RWN. The
transaction is currently 0.4% above its target par. The Fitch
weighted average rating factor (WARF) test was reported at 33.86 in
its 2 September 2020 trustee report, in compliance with its maximum
34. Fitch's updated calculation as of 15 September 2020 shows a
WARF of 34.05 including unrated names, which represent 0.6% of the
portfolio and which the agency conservatively assumes at 'CCC', in
line with its methodology, while the manager has the possibility to
classify them as 'B-' for up to 10% of the portfolio. The 'CCC'
category or below assets represented 7.2% (or 7.8% including
unrated names assumed at 'CCC') as of 15 September 2020, compared
with its 7.5% limit. The transaction reported an exposure to
defaulted assets of EUR2.5million.

All tests, including the over-collateralisation and interest
coverage tests, were reported as passing.

Coronavirus Baseline Scenario Impact

Fitch carried out a sensitivity analysis on the current portfolio
for its coronavirus baseline scenario. The agency notched down the
ratings for all assets with corporate issuers on Negative Outlook
regardless of sector. They represent 33.7% of the portfolio
balance. This scenario shows shortfalls for the class D, E and F
notes. For the class D notes the Outlook was revised to Negative
from Stable to reflect the risk of credit deterioration over the
longer term, due to the economic fallout from the pandemic. While
the class E and F notes still show sizeable shortfalls, the agency
believes that the portfolio's negative rating migration is likely
to slow and category-level downgrades on these tranches are less
likely in the short term. As a result, the class E and F notes have
been removed from RWN and assigned a Negative Outlook. For the
remaining notes, their ratings are resilient in the coronavirus
baseline scenario, as underlined in their Stable Outlook.

'B'/'B-' Portfolio Credit Quality

Fitch assesses the average credit quality of obligors in the
'B'/'B-' category. The Fitch weighted average rating factor (WARF)
calculated by Fitch as of 15 September 2020 of the current
portfolio is 34.05. Under the coronavirus baseline scenario, the
Fitch WARF would increase to 37.12.

High Recovery Expectations

Ninety-three percent of the portfolio comprises senior secured
obligations. Fitch views the recovery prospects for these assets as
more favourable than for second-lien, unsecured and mezzanine
assets. Fitch's weighted recovery rate is 64.72%.

Diversified Portfolio

The portfolio is well-diversified across obligors, countries and
industries. The top-10 obligors represent 13.4% of the portfolio
balance and no obligor accounts for more than 1.8%. The
Fitch-defined largest industry is business services at 13.8%.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, as well as to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests. The transaction was modelled using the current portfolio
based on both the stable and rising interest-rate scenarios and the
front-, mid-, and back-loaded default timing scenarios, as outlined
in Fitch's criteria.

Fitch also tested the current portfolio with a coronavirus
sensitivity analysis to estimate the resilience of the notes'
ratings. The coronavirus sensitivity analysis was only based on the
stable interest-rate scenario but included all default timing
scenarios.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

At closing, Fitch used a standardised stress portfolio (Fitch's
stressed portfolio) that was customised to the portfolio limits as
specified in the transaction documents. Even if the actual
portfolio shows lower defaults and smaller losses (at all rating
levels) than Fitch's stressed portfolio assumed at closing, an
upgrade of the notes during the reinvestment period is unlikely as
the portfolio credit quality may still deteriorate, not only
through natural credit migration, but also through reinvestments.

Upgrades may occur after the end of the reinvestment period on
better-than-expected portfolio credit quality and deal performance,
leading to higher credit enhancement and excess spread available to
cover losses in the remaining portfolio.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Downgrades may occur if the build-up of credit enhancement
following amortisation does not compensate for a larger loss
expectation than initially assumed due to unexpected high levels of
defaults and portfolio deterioration. As the disruptions to supply
and demand due to COVID-19 become apparent for other sectors, loan
ratings in those sectors would also come under pressure. Fitch will
update the sensitivity scenarios in line with the view of its
leveraged finance team.

Coronavirus Downside Sensitivity

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies, before halting recovery begins
in 2Q21. The downside sensitivity incorporates a single-notch
downgrade to all Fitch-derived ratings in the 'B' rating category
and a 0.85 recovery rate multiplier to all other assets in the
portfolio. For typical European CLOs this scenario results in a
category-rating change for all ratings.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.


BORETS FINANCE: Fitch Rates US$350MM 2026 Unsecured Notes 'BB-'
---------------------------------------------------------------
Fitch Ratings has assigned Borets Finance DAC's USD350 million
notes due 2026 a final senior unsecured rating of 'BB-'.

Borets Finance DAC is wholly owned subsidiary of Borets
International Limited (Borets; BB-/Negative), which unconditionally
and irrevocably guarantees the notes. The notes rank pari passu
with all other unsubordinated and unsecured debt of Borets.

Borets is one of the leading electric submersible pumping systems
(ESP) producers globally and has good long-term relationship with
large Russian oil majors

KEY RATING DRIVERS

Temporary Increase in Net Leverage: Fitch expects the severe
macroeconomic environment to have a moderate impact on Borets'
operating performance in 2020. Fitch expects dollar-denominated
debt to increase funds from operations (FFO) net leverage to above
3.5x by end-2020, before falling below this level from 2022.
Deleveraging capacity will be supported by maintaining FFO margin
at above 15%, by successful expansion of Borets' international
business, particularly in the MENA region, and by sustainable
revenue in its core market Russia. The oil market is also turning
into a supply deficit in 2H20 from a material oversupply in 1H20,
which is credit-positive.

Volatility of Free Cash Flow: Borets' free cash flow (FCF)
generation declined in 2018-2019, due primarily to weak FFO
generation, albeit still high compared with similarly-rated
industrial peers. Fitch expects FCF margin to be under pressure in
the short term before returning to over 2% from 2022, supported by
improving Fitch-defined EBITDA and FFO on planned expansion to the
more profitable rental business and growing international business.
Failure to return FCF to positive territory could result in
negative rating action.

Concentrated Customer Base: Borets aims to diversify its
concentrated customer base, which is mainly represented by Russian
large oil majors. The top-five customers contributed about 48% of
revenue in 2019, down from 55% a year ago. The group has material
exposure to Rosneft, the largest Russian oil producer, although its
share decreased to about 22% in 2019 from 42% in 2017. The oil
major was in the process of diversifying and expanding participants
in its supply chain, which affected Borets.

Increasing International Business: Borets' business profile is
characterised by limited geographic diversification. Unlike other
Russian Fitch-rated industrial companies, which are mostly exposed
to the domestic market, Borets has gradually increased its
international presence to about 40% over 2018-2019 versus 25%-30%
during 2016-2017. Borets plans to expand the international business
to about 50% of total revenue over the medium term. It benefits
from mostly rouble-denominated operating costs, which together with
increased international revenue, should support profitability.

Narrow Range of Products: Borets' business activity is focused on
production of ESP systems for oil extraction, making its revenue
sensitive to the output of oil producers as key customers. Fitch
expects that Russian oil producers will cut oil production by
around 10% yoy for 2020, which will have a moderately negative
effect on Borets' revenue. Outside Russia, significant oil
production cuts in the US and China will be mostly offset by
Borets' growing international business in the MENA region.
Additionally, the limited range of products is mitigated by a
significant share of more profitable aftermarket services and
rental revenues.

Leader in Niche Market: Borets operates in a niche market. Almost
all global oil wells rely on artificial lift technology, of which
ESP systems contribute about 16% by unit and about 42% by value.
Borets is the leading manufacturer globally, with a market share of
about 24% by installed base and the third-largest global player in
value terms. Its strong market position, high technology content
and successful long-term cooperation with major oil producers act
as significant barriers to entry in the niche market.

Recurring Nature of Business: Oil production largely relies on ESP
systems and installed ESPs are replaced at the end of their average
life cycle of two to five years due to the severe environment of
the well bore. As a result, these systems are considered vital for
oil producers and funds spent on them are viewed as operating
expenses rather than capex, resulting in stable demand for ESPs
with a low-to- moderate correlation with oil-price fluctuations.
This provides sustainable revenue generation for Borets in the long
term. However, a decrease in demand is possible following the
severe reduction of oil production in the currently vulnerable
market environment.

DERIVATION SUMMARY

Borets has small scale of operations, less geographical
diversification and a narrow product range in comparison with
international peers such as Flowserve Corporation (BBB-/Negative).
Lack of diversification is common for other Russian industrial
peers such as JSC HMS Group (B+/Stable) and JSC Transmashholding
(BB/Stable). Similar to Flowserve's and thyssenkrupp AG's
(BB-/Stable), Borets' business profile is supported by a solid
share of service revenue that provides it with the cash flow
stability over the long term.

Historically, Borets has higher profitability than peers, with FFO
margin over 15% and positive FCF generation on a sustained basis,
albeit squeezed in 2018-2019 and expected to be minimal in the
short term. FFO net leverage at end-2019 of 3.5x was higher than
Flowserve's 2.7x (end-2019) and HMS Group's 3.3x (end-2019).

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for the Issuer

  - Low double-digit decrease of revenue in 2020 due to rouble
depreciation and constrained demand resulting from a vulnerable oil
market, followed by single-digit rise of revenue for the next three
years

  - EBITDA margin averaging at 28% during 2020-2023 due to the more
profitable rental business

  - Capex at 4% of revenue until 2023

  - No dividend payments

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  - An upgrade is unlikely unless the business profile improves
materially, including a major increase in scale and improvement in
geographical diversification

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

  - FCF margin below 1% on a sustained basis

  - Extensive capex, acquisition programme or significant adverse
change in the dividend policy

  - FFO net leverage above 3.5x on a sustained basis

  - FFO interest coverage below 3.0x on a sustained basis

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entities, either due to their nature
or to the way in which they are being managed by the entities.

LIQUIDITY AND DEBT STRUCTURE

Liquidity to Improve: Fitch-defined unrestricted cash of about
USD26 million (adjusted for USD10 million) at end-June 2020
together with projected slightly positive FCF of USD6 million in
the coming 12 months will not be sufficient to cover short-term
debt repayment of about USD41 million. However, with successful
refinancing of a material part of outstanding debt via the new
USD350 million bond issue, Fitch believes that Borets will be able
to improve its liquidity and keep it at an adequate level in the
medium term.

Historically liquidity has been supported by sustainably positive
FCF generation. The current market environment could have a
negative impact on the group's operating performance and lead to
weak FCF generation, eroding liquidity.

Borets' debt structure is currently dominated by a USD350 million
Eurobond due 2026, which partially refinanced the group's USD330
million Eurobond due 2022. Refinancing risk is moderate, mitigated
by Borets' historically strong relationship with creditors and good
access to the capital market, which supports its liquidity.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.


DRYDEN 62: Fitch Affirms B-sf Rating on Class F Debt
----------------------------------------------------
Fitch Ratings has affirmed Dryden 62 Euro CLO 2017 B.V. Its two
most junior tranches have been removed from Rating Watch Negative
(RWN) and assigned Negative Outlooks.

RATING ACTIONS

Dryden 62 Euro CLO 2017 B.V.

Class A XS1826185438; LT AAAsf Affirmed; previously at AAAsf

Class B XS1826185784; LT AAsf Affirmed; previously at AAsf

Class C XS1826186089; LT Asf Affirmed; previously at Asf

Class D XS1826186592; LT BBBsf Affirmed; previously at BBBsf

Class E XS1826186832; LT BBsf Affirmed; previously at BBsf

Class F XS1826186758; LT B-sf Affirmed; previously at B-sf

TRANSACTION SUMMARY

The transaction is a cash flow CLO mostly comprising senior secured
obligations. The transaction is within its reinvestment period and
is actively managed by its collateral manager.

KEY RATING DRIVERS

Coronavirus Baseline Sensitivity Analysis

The rating actions are a result of the latest sensitivity analysis
Fitch ran in light of the coronavirus pandemic. For the sensitivity
analysis, Fitch notched down the ratings for all assets with
corporate issuers with a Negative Outlook (39.5% of the portfolio)
regardless of sector.

Under this scenario, the class E and F notes are passing with
limited cushions. These two tranches were on RWN due to minor
shortfalls under the coronavirus sensitivity analysis earlier in
the year. The RWN has now been removed as the shortfalls have
disappeared, but as the positive cushions are still limited, Fitch
has assigned Negative Outlook to the notes. The Negative Outlook
reflects the risk of credit deterioration over the long term due to
the economic fallout from the pandemic.

The Stable Outlook on the remaining tranches reflect their rating
resilience under the coronavirus baseline sensitivity analysis with
a cushion.

Stable Portfolio Performance

As of the latest investor report dated August 31, 2020, the
transaction was above par by 10bp. All portfolio profile tests were
passing except the largest obligor concentration at 3.01% being
only slightly over the limit of 3%. All coverage tests and most
collateral quality tests were passing other than the Fitch weighted
average rating factor (WARF) test. As of the same report the
transaction had EUR4.27 million in defaulted assets. Exposure to
assets with a Fitch- derived rating (FDR) of 'CCC+' and below was
6.4%, and including unrated assets was 7.15%.

'B'/'B-' Portfolio Credit Quality

Fitch assesses the average credit quality of the obligors to be in
the 'B'/'B-' category. The Fitch-calculated WARF as of September
12, 2020 was 34.61 (assuming unrated assets are 'CCC'), and the
trustee-reported Fitch WARF was 34.49, above the maximum covenant
of 34. After applying the coronavirus stress, the Fitch WARF would
increase by 3.62.

High Recovery Expectations

Ninety-three per cent of the portfolio comprises senior secured
obligations. Fitch views the recovery prospects for these assets as
more favourable than for second-lien, unsecured and mezzanine
assets.

Diversified Portfolio

The portfolio is well diversified across obligors, countries and
industries. The top-10 obligor concentration is 22.06% of the
portfolio balance, and no obligor represents more than 3.01%.
Forty-seven per cent of the portfolio consists of semi-annual
obligations but a frequency switch has not occurred due to the
transaction's high interest coverage ratios.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, as well as to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests. The transaction was modelled using the current portfolio
based on both the stable and rising interest-rate scenarios and the
front-, mid-, and back-loaded default timing scenarios as outlined
in Fitch's criteria. In addition, Fitch tested the current
portfolio with a coronavirus sensitivity analysis to estimate the
resilience of the notes' ratings. The coronavirus sensitivity
analysis was only based on the stable interest-rate scenario
including all default timing scenarios.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

At closing, Fitch used a standardised stress portfolio (Fitch's
stressed portfolio) that was customised to the portfolio limits as
specified in the transaction documents. Even if the actual
portfolio shows lower defaults and smaller losses (at all rating
levels) than Fitch's stressed portfolio assumed at closing, an
upgrade of the notes during the reinvestment period is unlikely as
the portfolio credit quality may still deteriorate, not only
through natural credit migration, but also through reinvestments.

Upgrades may occur after the end of the reinvestment period on
better-than-expected portfolio credit quality and deal performance,
leading to higher credit enhancement and excess spread available to
cover losses in the remaining portfolio.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Downgrades may occur if the build-up of credit enhancement
following amortisation does not compensate for a larger loss
expectation than initially assumed due to unexpectedly high levels
of default and portfolio deterioration. As disruptions to supply
and demand due to COVID-19 become apparent, loan ratings in those
sectors would also come under pressure. Fitch will update the
sensitivity scenarios in line with the view of its leveraged
finance team.

Coronavirus Baseline Scenario Impact

Fitch carried out a sensitivity analysis on the target portfolio to
determine the coronavirus baseline scenario. The agency notched
down the ratings for all assets with corporate issuers on Negative
Outlook regardless of sector. This scenario demonstrates the
resilience of the current ratings on the class A, B, C, and D,
whereas credit enhancement for the class E and F notes may be
eroded quickly by deterioration of the portfolio.

Coronavirus Downside Sensitivity

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies, before halting recovery begins
in 2Q21. The downside sensitivity incorporates a single-notch
downgrade to all FDRs in the 'B' rating category and a 0.85
recovery rate multiplier to all other assets in the portfolio. For
typical European CLOs this scenario results in a category-rating
change for all ratings.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Most of the underlying assets or risk-presenting entities have
ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied on
for its rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.


OAK HILL VII: Fitch Affirms B- Rating on Class F Notes
------------------------------------------------------
Fitch Ratings has affirmed Oak Hill European Credit Partners VII
DAC, removed the class E and F notes from Rating Watch Negative
(RWN) and revised the Outlook on the class D notes to Negative from
Stable.

RATING ACTIONS

Oak Hill European Credit Partners VII DAC

Class A XS1843459279; LT AAAsf Affirmed; previously at AAAsf

Class B-1 XS1843458461; LT AAsf Affirmed; previously at AAsf

Class B-2 XS1843457901; LT AAsf Affirmed; previously at AAsf

Class C XS1843457224; LT Asf Affirmed; previously at Asf

Class D XS1843456689; LT BBB-sf Affirmed; previously at BBB-sf

Class E XS1843456093; LT BB-sf Affirmed; previously at BB-sf

Class F XS1843455871; LT B-sf Affirmed; previously at B-sf

TRANSACTION SUMMARY

Oak Hill European Credit Partners VII DAC is a cash flow
collateralised loan obligation (CLO) comprising mostly senior
secured obligations. The transaction is in its reinvestment period,
which is scheduled to end in April 2023, and the portfolio is
actively managed by Oak Hill Advisors (Europe) LLP.

KEY RATING DRIVERS

Portfolio Performance:

As per the trustee report dated August 06, 2020, the transaction is
below target par by 15bp. The Fitch-calculated weighted average
rating factor (WARF) of the portfolio marginally increased to 34.97
at September 12, 2020 from the trustee-reported WARF of 34.57. The
Fitch calculated 'CCCsf' or below category assets' (including
non-rated assets) represents 9.10% of the portfolio, which is above
the 7.50% limit. As per the trustee report, Fitch ''CCC limit test
and maximum cov-lite loans limits tests are failing. All other
portfolio profile tests, all coverage tests, collateral quality
tests are passing.

Coronavirus Sensitivity Analysis

Fitch carried out a sensitivity analysis on the target portfolio to
determine the coronavirus baseline scenario. The agency notched
down the ratings for all assets with corporate issuers on Negative
Outlook regardless of sector. These assets represent 33.5% of the
portfolio. This scenario demonstrates the resilience of the ratings
of the class A, B and C notes with cushions. However, the class D,
E and F notes are showing shortfalls. As a result, Fitch has
revised the Outlook on the class D notes to Negative from Stable.

For the class E and F notes, the shortfalls are still sizeable.
However, the agency expects that the portfolio's negative rating
migration is likely to slow down and category-level downgrades on
these tranches are less likely in the short term. As a result,
these notes have been removed from RWN and affirmed with a Negative
Outlook. The Negative Outlooks on the three junior tranches reflect
the risk of credit deterioration over the longer term, due to the
economic fallout from the pandemic.

'B'/'B-' Category Portfolio Credit Quality

Fitch assesses the average credit quality of obligors in the
'B'/'B-' category.

High Recovery Expectations

Senior secured obligations comprise 99.4% of the portfolio. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets. The Fitch
weighted average recovery rate (WARR) of the current portfolio is
65.2%.

Portfolio Composition

The top-10 obligors' concentration is 14.09% and no obligor
represents more than 1.73% of the portfolio balance. As per Fitch's
calculation the largest industry is business services at 20.27% of
the portfolio balance, and the top-three largest industries account
for 40.38% against the limit of 17.5% and 40%, respectively. The
trustee reported Fitch industry limit tests are passing.

As of August 08, 2020, semi-annual obligations represent 48.38% of
the portfolio balance. An increase in semi-annual obligations
greater or equal to 20% of the aggregate collateral balance in a
due period and breach of modified class A/B interest coverage ratio
threshold of 120% could trigger a frequency switch event.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, as well as to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests. The transaction was modelled using the current portfolio
based on both the stable and rising interest-rate scenarios and the
front-, mid- and back-loaded default timing scenarios as outlined
in Fitch's criteria. In addition, Fitch also tested the current
portfolio with a coronavirus sensitivity analysis to estimate the
resilience of the notes' ratings. Fitch's coronavirus sensitivity
analysis was only based on the stable interest-rate scenario
including all default timing scenarios.

The model-implied rating for the class E and F notes is one notch
below the current rating. However, Fitch has deviated from the
model implied rating as the shortfalls were driven by the
back-loaded default timing scenario only and the limited margin of
safety present at the current rating. These ratings are in line
with the majority of Fitch-rated EMEA CLOs.

When conducting cash flow analysis, Fitch's model first projects
the portfolio's scheduled amortisation proceeds and any prepayments
for each reporting period of the transaction life assuming no
defaults (and no voluntary terminations, when applicable). In each
rating stress scenario, such scheduled amortisation proceeds and
prepayments are then reduced by a scale factor equivalent to the
overall percentage of loans that are not assumed to default (or to
be voluntarily terminated, when applicable). This adjustment avoids
running out of performing collateral due to amortisation and
ensures all of the defaults projected to occur in each rating
stress are realised in a manner consistent with Fitch's published
default timing curve.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

At closing, Fitch used a standardised stress portfolio (Fitch's
Stressed Portfolio) that was customised to the portfolio limits as
specified in the transaction documents. Even if the actual
portfolio shows lower defaults and smaller losses (at all rating
levels) than Fitch's Stressed Portfolio assumed at closing, an
upgrade of the notes during the reinvestment period is unlikely.
This is because the portfolio credit quality may still deteriorate,
not only by natural credit migration, but also because of
reinvestment. After the end of the reinvestment period, upgrades
may occur in the event of a better-than-expected portfolio credit
quality and deal performance, leading to higher credit enhancement
and excess spread available to cover for losses on the remaining
portfolio.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Downgrades may occur if the build-up of credit enhancement
following amortisation does not compensate for a larger loss
expectation than initially assumed due to an unexpected high level
of default and portfolio deterioration. As the disruptions to
supply and demand due to COVID-19 become apparent for other
vulnerable sectors, loan ratings in those sectors would also come
under pressure. Fitch will update the sensitivity scenarios in line
with the view of its Leveraged Finance team.

Coronavirus Downside Scenario

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies, before halting recovery begins
in 2Q21. The downside sensitivity incorporates the following
stresses: applying a notch downgrade to all Fitch-derived ratings
in the 'B' rating category and applying a 0.85 recovery rate
multiplier to all other assets in the portfolio. For typical
European CLOs this scenario results in a rating category change for
all ratings.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

The majority of the underlying assets have ratings or credit
opinions from Fitch and/or other nationally recognised statistical
rating organisations and/or European Securities and Markets
Authority-registered rating agencies. Fitch has relied on the
practices of the relevant groups within Fitch and/or other rating
agencies to assess the asset portfolio information.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.



=========
I T A L Y
=========

GAMMA BIDCO: S&P Assigns 'B' LongTerm ICR, Outlook Negative
-----------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Gamma Bidco S.p.A., and its 'B' issue rating to the group's new
notes. At the same time, S&P affirmed its 'B' long-term issuer
credit rating on Gamenet Group, and withdrew its 'B' issue rating
on its redeemed notes.

Gamma Bidco S.p.A., the parent of Gamenet Group S.p.A., raised
EUR640 million of new senior notes, which it used in conjunction
with cash on the balance sheet to refinance Gamenet's existing
senior notes and pay fees.

Gamma Bidco additionally raised a new super senior EUR100 million
revolving credit facility (RCF), replacing the existing EUR85
million RCF issued by Gamenet Group.

Gamma Bidco raised new debt to refinance facilities issued by
itself and core subsidiary Gamenet Group.

Sponsor-owner Apollo Global acquired Gamenet in 2019 through a
leveraged acquisition. The group's existing senior notes and
Gamenet Group's RCF remained in place and a EUR216 million bridge
term loan was raised at the Gamma Bidco level to fund the
acquisition. Through the financing transaction, Gamma Bidco raised
EUR640 million of new notes and a new super senior EUR100 million
RCF, and used it in conjunction with cash on the balance sheet to
refinance indebtedness at Gamenet Group and Gamma Bidco. S&P
previously had adjusted its credit metrics in its analysis of
Gamenet Group to include a debt adjustment for the Gamma Bidco
loan. The completed transaction is broadly leverage neutral for the
group. However, the Gamma Bidco loan was payment-in-kind interest,
and as such the new financing will increase the group's cash
interest expenses in addition to incremental margin expenses for
the new financing, which impacts the group's cash flow generation.

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic.

The consensus among health experts is that the pandemic may now be
at, or near, its peak in some regions but will remain a threat
until a vaccine or effective treatment is widely available, which
may not occur until the second half of 2021. S&P said, "We are
using this assumption in assessing the economic and credit
implications associated with the pandemic. As the situation
evolves, we will update our assumptions and estimates
accordingly."

S&P said, "We view positively the reopening of a significant
portion of the group's land-based operations from lockdown.  
However, this was largely incorporated in our prior assumptions of
a three-month lockdown until the end of June. Notwithstanding this
development, we continue to see downside risks based on a
recessionary environment in Europe in 2020 and knock-on effects to
consumer sentiment and spending, risks of a second wave, and
affects from continued social distancing well into 2021. We believe
that it may be beyond 2021 before some market participants recover
earnings to pre-crisis levels.

"The group's recent trading since reopening shows promise; however,
the trading track record is short and in our view macroeconomic
risks remain in the trading environment.   Gamma Bidco performed
better than our original forecast because it managed significant
cost savings and benefited from government support schemes,
limiting the impact on earnings. The reopening of operating
locations is a credit positive for the group and also moves the
group from being in a cash burn position to generating positive
EBITDA and cash flow, which supports liquidity and enhances the
group's efforts to recover credit metrics. Recent evidence from
initial trading in the past few weeks has been positive, with the
group currently outperforming like-for-like revenue in retail and
online betting versus 2019 pre-pandemic performance. We now expect
the group will generate S&P Global Ratings-adjusted EBITDA of about
EUR102 million in 2020, and S&P Global Ratings-adjusted leverage of
about 7x compared with 8x in our previous base case in May 2020
(our adjusted debt includes the EUR640 million notes, EUR30 million
operating leases, EUR28 million deferred consideration, and EUR8
million of pension obligations). We have included in our forecasts
some sensitivity for underperformance to the management's base
case, reflecting our macroeconomic view. We await further track
record of performance to determine whether the improved trading
levels can be sustained further into the second half of 2020 and
beyond."

Gamma Bidco's liquidity remains adequate.   Gamenet maintained a
sound liquidity position throughout the lockdown period, and has
now returned to positive EBITDA since operations resumed in June.
S&P said, "Post refinancing, we estimate Gamenet's liquidity
position remains adequate and sufficient to withstand
COVID-19-related effects throughout the recovery path, with a cash
position of EUR83 million and full availability under the EUR100
million RCF, which is undrawn. The RCF is subject to a maximum
first-lien net leverage ratio covenant if at least 40% of the RCF
is drawn. Under our base-case scenario, we anticipate Gamenet will
maintain adequate headroom under its financial covenant over the
next 12 months."

S&P's ratings on Gamma Bidco are in line with the preliminary
ratings it assigned on July 4, 2020.

The negative outlook reflects uncertainty about the duration of the
pandemic and the potential effects it could have on Gamenet's
capital structure, liquidity, financial performance, and
competitive position in 2020 and beyond.

S&P could lower the rating if the effects of COVID-19 led the
group's credit metrics to weaken beyond our base case. A downgrade
could occur from one or a combination of the following:

-- Gamenet experiences prolonged material weakness in operating
earnings and margins, for example, from a further shutdown in
response to COVID-19 or adverse regulatory developments that led to
a revision of our assessment of the strength or robustness of
business and earnings stability.

-- Gamenet's credit metrics weakened materially beyond S&P's base
case, such that for a prolonged period its adjusted leverage
remained above 5.5x; adjusted FOCF to debt was well below 5%; or
reported FOCF were below EUR30 million.

-- Liquidity deteriorated materially.

-- If S&P considered heightened risk of a specific default event,
such as a distressed exchange or restructuring, a debt purchase
below par, or covenant breach.

-- If financial policy turns more aggressive, through prolonged
weaker credit metrics, debt-funded acquisitions, or shareholder
returns.

S&P could revise the outlook to stable once it has more certainty
regarding the duration and severity of the COVID-19 pandemic's
effects on Gamenet's operating performance, liquidity, and cash
flows.

An affirmation would depend on a full recovery being likely by
year-end 2020 and evidence that the company's efforts to reduce
costs, limit the impact on cash flows, and maintain adequate
liquidity are likely to succeed.

To affirm the rating, S&P would expect to have greater certainty of
credit metrics returning to and remaining anchored at:

-- Adjusted leverage below 5.5x; and
-- Adjusted FOCF to debt above 5% in 2021.


ICCREA BANCA: Fitch Rates EUR3BB Medium-Term Note 'B+'
------------------------------------------------------
Fitch Ratings has assigned Iccrea Banca S.p.A.'s EUR3 billion-euro
medium-term note (EMTN) programme a senior non-preferred long-term
rating of 'B+'

The rating is assigned to the programme and not to the notes issued
under the programme. There is no assurance that notes issued under
the programme will be assigned a rating, or that the rating
assigned to a specific issue under the programme will have the same
rating as the rating assigned to the programme.

KEY RATING DRIVERS

Iccrea Banca S.p.A.'s SNP debt is rated one notch below the bank's
Long-Term IDR (BB-/Negative/B) to reflect the risk of below-average
recoveries arising from the use of more senior debt to meet
resolution buffer requirements and the combined buffer of AT1, Tier
2 and SNP debt being unlikely to exceed 10% of risk-weighted assets
(RWAs).

The SNP obligations are senior to any subordinated claims and
junior to senior preferred liabilities. The SNP notes will be
bailed in before senior higher-priority debt in the event of
insolvency or resolution.

Iccrea Banca S.p.A. acts as central bank of Gruppo Bancario
Cooperativo Iccrea (BB-/Negative/B). Iccrea Banca manages direction
and coordination activities of affiliated entities, including with
respect to the implementation of the instructions of the
Supervisory Authorities and supports all affiliated entities in
their activities, to ensure the group's stability and solvency.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

The ratings to the SNP debt under the EMTN programme could be
upgraded if Iccrea Banca S.p.A.'s and Gruppo Bancario Cooperativo
Iccrea's Long-Term IDRs are upgraded. The ratings could also be
upgraded if the group is expected to meet its resolution buffer
requirements exclusively with SNP debt and junior instruments or
if, at some point in the future, SNP and more junior resolution
buffers sustainably exceed 10% of RWAs, which Fitch considers
unlikely.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

The SNP debt ratings could be downgraded if Iccrea Banca S.p.A.'s
and Gruppo Bancario Cooperativo Iccrea's Long-Term IDRs are
downgraded.

ESG Considerations

The highest level of ESG credit relevance, if present, is a score
of '3'. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity, either due to their nature or
to the way in which they are being managed by the entity.


UNIPOL GRUPPO: Moody's Rates EUR750MM 2030 Unsecured Notes 'Ba2'
----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the EUR750
million senior unsecured notes due 2030 to be issued by Unipol
Gruppo S.p.A. under its EUR3 billion EMTN programme.

RATINGS RATIONALE

The Ba2 rating of the debt reflects the ranking of the debt
(senior) and the structural subordination of the holding company
Unipol Gruppo S.p.A. vis-à-vis its main operating company
UnipolSai Assicurazioni S.p.A. (rated Baa3 for insurance financial
strength, stable outlook). The Ba2 rating is in line with Moody's
standard notching practices for this type of instruments issued by
holding companies subject to group wide regulation such as the
Solvency II regime.

The proceeds of the notes will in part be used to finance the
proposed buy back of EUR317 million senior notes outstanding and to
optimize treasury management of the group.

The notes will also qualify as green bonds. According to Unipol
Gruppo S.p.A. framework, this means that the group will, before the
maturity of the bond, invest an amount equivalent to the nominal of
the bond into green assets (including EUR326 million assets already
on the balance sheet of the group as of year-end 2018).

Depending on the success of the senior notes buy-back, Moody's
estimates that the group's financial leverage (32.6% at year-end
2019) will increase by between 2 to 4 percentage points, and
earnings coverage (8.5x in 2019) will decrease to a range of 8x to
7.4x.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

The rating of Unipol Gruppo S.p.A.'s debt could be downgraded in
case of (1) a deterioration in the credit quality of Italy, as
evidenced by a downgrade of Italy's sovereign rating, (2) a
significant deterioration of the group's market position in the
Italian Property and Casualty (P&C) market, (3) a material
deterioration in earnings, in particular if this should be driven
by lower P&C underwriting performance and (4) a significant
weakening of capital adequacy.

Conversely, an upgrade could occur in case of an improvement in the
credit quality of Italy, as evidenced by an upgrade of Italy's
sovereign rating.

LIST OF AFFECTED RATINGS

Issuer: Unipol Gruppo S.p.A.

Assignment:

Senior Unsecured Regular Bond/debenture, assigned Ba2

PRINCIPAL METHODOLOGIES

The methodologies used in this rating were Life Insurers
Methodology published in November 2019.




===========
N O R W A Y
===========

NORWEGIAN AIR: Norway Extends Loan Guarantees by Two Months
-----------------------------------------------------------
Victoria Klesty at Reuters reports that Norway's government has
extended loan guarantees for the country's airlines, including
Norwegian Air, by two months until the end of 2020, the Industry
Ministry said on Sept. 20.

Norwegian Air secured a state aid package of NOK3 billion (US$330
million) earlier this year after a debt restructuring but said last
month it needed to secure more funding to get through the COVID-19
pandemic, Reuters relates.

The government has changed the terms of the state guarantee scheme,
the industry ministry said in a statement, without disclosing
specifics, Reuters notes.




=============
R O M A N I A
=============

BLUE AIR: To Launch 7 New Int'l Routes From Bucharest in December
-----------------------------------------------------------------
Nicoleta Banila at SeeNews reports that Romanian low-cost carrier
Blue Air said on Sept. 17 that it will launch seven new
international routes from Bucharest starting Dec. 18, as it is
expecting higher demand during winter holidays.

Blue Air said in a press release the 49 new weekly flights to
Barcelona, Birmingham, Bologna, Glasgow, Madrid, Rome and Vienna
will be operated from Dec. 18 until Jan. 10, SeeNews relates.

The flights will then be introduced in the air carrier's regular
summer schedule for 2021, SeeNews notes.

On Aug. 20, the European Commission said that it has approved a
EUR62 million (US$73 million) loan guarantee to help Blue Air avoid
bankruptcy due to the COVID-19 pandemic, SeeNews recounts.
According to SeeNews, the Commission said at the time the measure
aims at compensating the airline for the damages suffered due to
the coronavirus outbreak, as well as providing it with urgent
liquidity support.

In July, Blue Air announced that the Bucharest municipal court has
approved its request to enter a concordat procedure with its
creditors in order to avoid insolvency, SeeNews discloses.




===========
R U S S I A
===========

SOVCOMBANK: Fitch Withdraws 'BB+(EXP)' on RUB Unsecured Eurobonds
-----------------------------------------------------------------
Fitch Ratings has withdrawn Sovcombank's Russian rouble-denominated
senior unsecured Eurobonds' long-term 'BB+(EXP)' rating.

The expected rating is withdrawn because the debt issue is no
longer expected to proceed.

KEY RATING DRIVERS

N/A

RATING SENSITIVITIES

N/A

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.


TOMSK OBLAST: S&P Affirms 'BB-' LongTerm Issuer Credit Rating
-------------------------------------------------------------
S&P Global Ratings, on Sept. 18, 2020, affirmed its 'BB-' long-term
issuer credit rating on the Russian region of Tomsk Oblast. The
outlook remains stable.

Outlook

S&P said, "The stable outlook reflects our expectation that the
commitment of Tomsk Oblast's financial management to cost controls
will allow the region to keep its deficit after capital accounts
below 10% of total revenue on average, while temporary spikes are
possible in 2020-2021. We also assume that management will ensure
sufficient debt-service coverage through the timely arrangement of
committed bank facilities and bond origination."

Downside scenario

S&P said, "We could lower the rating on Tomsk Oblast should we
witness a prolonged recession leading to substantially weaker
budgetary performance, with the deficit after capital accounts
exceeding 10% of total revenue for a prolonged period. The rating
could also come under pressure if the region loosened its prudent
policy of medium-term borrowing in favor of cheaper short-term debt
and if we had concerns on its ability to access liquidity."

Upside scenario

S&P said, "We might consider raising the rating on Tomsk Oblast if
we saw a material increase of its budget revenue that resulted in
stronger budgetary performance and a structural decrease in debt.
This could occur thanks to changes in tax redistribution, or higher
grants from the federal government. An upgrade would also be
subject to our view that the adverse effects of commodity-price
declines and the pandemic had subsided. In addition, we could raise
the rating if the region's management demonstrated stronger capital
and financial planning."

Rationale

S&P said, "We expect that economic performance in Russian regions,
including Tomsk Oblast, will follow the country's recessionary
trend in 2020, but pickup in 2021. Despite some deterioration of
budgetary performance, we believe that Tomsk Oblast will continue
to achieve operating surpluses. At the same time, we estimate the
deficit after capital accounts will expand beyond 7% of total
revenue in 2020. This is in line with the average 6%-9% deficit we
expect for Russia's local and regional government (LRG) sector.

"We nonetheless believe that Tomsk Oblast will retain its sound
liquidity position over this period, owing to its regular presence
on the bond market and access to short-term liquidity from the
federal treasury. However, the volatility of the Russian
institutional setting and the commodity concentration of the
economy continue to constrain the rating."

A centralized institutional framework and economic concentration on
commodities constrain the rating

Under Russia's volatile and unbalanced institutional framework,
Tomsk Oblast's financial position is significantly affected by the
federal government's decisions regarding key taxes, transfers, and
expenditure responsibilities. The federal government regulates the
rates and distribution shares for most taxes and transfers, leaving
only 10% of operating revenue that the region can manage. In
addition, the application of the consolidated taxpayer group, the
tax payment scheme used by corporate taxpayers since 2012,
continues to undermine the predictability of corporate profit tax
payments. At the same time, the region is participating in
outstanding budget loan restructuring initiated by Russia's
Ministry of Finance, which supports its liquidity, but constrains
its budgetary and debt policies.

Tomsk Oblast benefits from high natural resource endowments,
including in oil and gas, ferrous and nonferrous metals, and
timber. Despite productive human capital, research and development,
and educational sectors, the economy remains dependent on drilling
(mainly of oil and gas), which provides an estimated 30% of the
gross regional product and 20% of budget revenue. This makes
regional economic and budgetary performance inherently volatile.
The oblast's relatively modest wealth levels in a global context
are unlikely to improve significantly owing to subdued growth
prospects for the Russian economy.

Despite limited fiscal flexibility, Tomsk Oblast's financial
management has a strong track record of cost control and prudent
borrowing practices. In particular, S&P believes that the oblast's
debt management is more sophisticated than that of many Russian
peers, with a diversified portfolio of debt instruments and strong
access to capital markets. At the same time, similar to most
national peers, the region lacks reliable medium- to long-term
financial planning and mechanisms to counterbalance tax revenue
volatility.

Deficits will gradually widen and debt is rising, but liquidity
should remain adequate

S&P said, "We believe that Tomsk Oblast's otherwise adequate
operating budgetary surpluses (some 7%-8% of operating revenue)
will be pressured by weak tax revenue over the next three years.
This will mostly result from weaker corporate profit tax receipts
on the back of subdued oil prices in 2020 and 2021 and weaker
economic conditions resulting from the pandemic.

"At the same time, we expect the region to benefit from additional
federal transfers for the implementation of pro-growth national
projects, focused on health care, education, and infrastructure.
These funds will support Tomsk Oblast's capital expenditure in
2020-2022.

"As a result, we assume that in the next three years, overall
budgetary deficits will not exceed, on average, a moderate 10% of
total revenue, thanks to management's cautious approach. Also,
Tomsk Oblast has some flexibility on the spending side, owing to
the relatively large self-financed part of its capital program,
which we think it could reduce by about 20% if necessary.

"Based on this budgetary outlook, we expect the region's debt
burden will increase somewhat and exceed a relatively high 70% of
total revenue by year-end 2022. We project that Tomsk Oblast will
remain active on the Russian bond market and continue issuances for
regional retail investors. We also note well-established
relationships with several domestic banks, which help the oblast to
keep credit lines open during the year and secure financing for
possible cash shortfalls.

"In our view, modest deficits and the region's available liquidity
sources will allow it to maintain sufficient debt service coverage
in the next 12 months. Tomsk Oblast enjoys a smooth debt repayment
profile and has good access to external liquidity. We understand
that Tomsk Oblast will redeem certain bank loans using proceeds
from an expected Russian ruble 10 billion (roughly $133 million)
bond issue to be placed in September 2020. The oblast also has
proven access to the revolving 90-day federal treasury facility of
up to one-twelfth of the region's revenue through the fiscal
year."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Ratings Affirmed

  Tomsk Oblast
   Issuer Credit Rating   BB-/Stable/--
   Senior Unsecured       BB-




=========
S P A I N
=========

AUTO ABS 2020-1: Fitch Rates Class E Debt 'B(EXP)sf'
----------------------------------------------------
Fitch Ratings has assigned Auto ABS Spanish Loans 2020-1, FT
expected ratings.

The assignment of the final ratings is contingent on the receipt of
final documents conforming to information already received.

RATING ACTIONS

Auto ABS Spanish Loans 2020-1, FT

Class A; LT AA-(EXP)sf Expected Rating

Class B ES0305506018; LT A(EXP)sf Expected Rating

Class C ES0305506026; LT BBB(EXP)sf Expected Rating

Class D ES0305506034; LT BB(EXP)sf Expected Rating

Class E ES0305506042; LT B(EXP)sf Expected Rating

Class F; LT NR(EXP)sf Expected Rating

TRANSACTION SUMMARY

The transaction is a revolving securitisation of a portfolio of
amortising and balloon auto loans originated in Spain by PSA
Financial Services Spain, E.F.C., S.A. (PSA). PSA is the Spanish
captive financial entity of the French car maker Peugeot S.A.
(BBB-/Stable). PSA is a 50/50 joint venture of Banque PSA Finance
S.A. and Santander Consumer Finance, S.A. (A-/Negative/F2).

KEY RATING DRIVERS

Residual Value Risk: Of the portfolio balance, 35% is linked to
balloon loans granted to individuals for the purchase of new cars,
on which borrowers have the option to deliver the vehicle to
discharge the final balloon instalment (i.e. residual value, RV).
Fitch assumed RV exposure of 80% of the total balloon loan balance
at the end of the revolving period.

In Fitch's analysis, a RV loss has been calibrated assuming car
sale proceeds of 85% of the final balloon instalments in a base
case scenario, and Fitch has applied median haircuts to derive
rating stresses. RV losses of 8.0% of the total portfolio balance
are applied under the 'AA-sf' rating scenario.

Resilient to Coronavirus Stresses: Fitch views the rated notes as
sufficiently protected by credit enhancement (CE) and excess spread
to absorb additional projected losses driven by the coronavirus
pandemic and related containment measures, which are producing an
economic recession and increased unemployment in Spain.

The more volatile portfolio performance outlook is captured within
the asset assumptions. Fitch assumed a blended (i.e. new car loans,
used car loans and balloon loans) base-case lifetime default and
recovery rates on the portfolio of 4.0% and 51.7%, respectively,
which are stressed with a default multiple of 3.5x and a recovery
haircut of 39.2% under a 'AA-sf' rating scenario.

Revolving and Pro-Rata Amortisation: The portfolio will be
revolving until December 2021 as new eligible receivables can be
purchased monthly by the SPV. After the revolving period, the class
A to E notes will be repaid pro rata until a subordination event
occurs, such as a cumulative balance of defaults greater than the
defined triggers.

Fitch views these triggers as sufficiently robust to prevent pro
rata amortisation from continuing upon early signs of performance
deterioration. Fitch believes the tail risk posed by the pro rata
pay-down is also mitigated by the mandatory switch to sequential
amortisation when the outstanding collateral balance falls below
10% of the initial balance.

Counterparty Eligibility Limits Ratings: The maximum achievable
rating of this transaction is 'AA+sf' as per Fitch's counterparty
rating criteria. This is due to the account bank and interest rate
cap provider minimum eligibility rating thresholds of 'A-' or 'F1',
which are insufficient to support an 'AAAsf' rating.

Liquidity Protection Mitigates Servicing Disruption: Fitch views
servicing continuity risk as mitigated by liquidity provided in the
form of a dedicated cash reserve, which covers senior costs and
interest on the class A to E notes for more than three months,
providing sufficient time to resume collections by a replacement
servicer. No back-up servicer will be appointed at closing date.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action include:

  - CE ratios increasing as the transaction deleverages, able to
fully compensate the credit losses and cash flow stresses
commensurate with higher rating scenarios.

Developments that may, individually or collectively, lead to
negative rating action include:

  - Long-term asset performance deterioration such as increased
delinquencies or reduced portfolio yield, which could be driven by
changes in portfolio characteristics, macroeconomic conditions,
business practices or the legislative landscape;

  - A longer-than-expected coronavirus crisis that deteriorates
macroeconomic fundamentals and the auto market in Spain beyond
Fitch's base case; and

  - A downgrade of Spain's Long-Term Issuer Default Rating that
could decrease the maximum achievable rating for Spanish structured
finance transactions.

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in upside and
downside environments. The results below should only be considered
as one potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

Sensitivity to Increased Defaults:

Original ratings (class A/B/C/D/E): 'AA-(EXP)sf'/ 'A(EXP)sf'/ 'BBB
(EXP)sf'/ 'BB (EXP)sf'/ 'B(EXP)sf'

Increase defaults by 10%: 'AA-(EXP)sf'/ 'A-(EXP)sf'/ 'BBB-(EXP)sf'/
'BB-(EXP)sf'/ 'B-(EXP)sf'

Increase defaults by 25%: 'A+(EXP)sf'/ 'A-(EXP)sf'/ 'BBB-(EXP)sf'/
'BB-(EXP)sf'/ 'B-(EXP)sf'

Increase defaults by 50%: 'A(EXP)sf'/ 'BBB+(EXP)sf'/ 'BB+(EXP)sf'/
'B+(EXP)sf'/ 'B-(EXP)sf'

Sensitivity to Reduced Recoveries:

Original ratings (class A/B/C/D/E): 'AA-(EXP)sf'/'A(EXP)sf'/ 'BBB
(EXP)sf'/ 'BB (EXP)sf'/ 'B(EXP)sf'

Reduce recoveries by 10%: 'AA-(EXP)sf'/ 'A(EXP)sf'/ 'BBB (EXP)sf'/
'BB-(EXP)sf' / 'B-(EXP)sf'

Reduce recoveries by 25%: 'AA-(EXP)sf'/ 'A-(EXP)sf'/ 'BBB-(EXP)sf'/
'B+(EXP)sf'/ 'B-(EXP)sf'

Reduce recoveries by 50%: 'A+(EXP)sf'/ 'BBB+(EXP)sf'/ 'BB+(EXP)sf'/
'B(EXP)sf'/ 'CCC(EXP)sf'

Sensitivity to Reduced Net Sale Proceeds:

Original ratings (class A/B/C/D/E): 'AA-(EXP)sf'/ 'A(EXP)sf'/ 'BBB
(EXP)sf'/ 'BB(EXP)sf'/ 'B(EXP)sf'

Reduce net sale proceeds by 10%: 'A+(EXP)sf'/ 'A-(EXP)sf'/
'BBB-(EXP)sf'/ 'B+(EXP)sf' / 'B-(EXP)sf'

Reduce net sale proceeds by 25%: 'A(EXP)sf'/ 'BBB(EXP)sf'/
'BB(EXP)sf'/ 'B(EXP)sf'/ 'NR(EXP)sf'

Reduce net sale proceeds by 50%: 'BBB-(EXP)sf'/ 'BB+(EXP)sf'/
'B+(EXP)sf'/ 'NR(EXP)sf'/ 'NR(EXP)sf'

Sensitivity to Multiple Factors:

Original ratings (class A/B/C/D/E): 'AA-(EXP)sf'/ 'A(EXP)sf'/
'BBB(EXP)sf'/ 'BB(EXP)sf'/ 'B (EXP)sf'

Increase defaults and reduce recoveries by 10% each: 'AA-(EXP)sf'/
'A-(EXP)sf'/ 'BBB-(EXP)sf'/ 'BB-(EXP)sf'/ 'B-(EXP)sf'

Increase defaults and reduce recoveries by 25% each: 'A+(EXP)sf'/
'BBB+(EXP)sf'/ 'BB+(EXP)sf'/ 'B (EXP)sf'/ CCC(EXP)sf'

Increase defaults and reduce recoveries by 50% each: 'A(EXP)-sf'/
'BBB-(EXP)sf'/ 'BB (EXP)sf'/ 'B-(EXP)sf' /'NR(EXP)sf'

Coronavirus Downside Scenario Sensitivity

Fitch has assessed a coronavirus downside sensitivity that
contemplates a more severe and prolonged economic stress caused by
a re-emergence of infections in the major economies, before a slow
recovery begins in 2Q21. To approximate this scenario, the blended
default rate assumption has been increased by 15% and recoveries
decreased by 15% respectively. Under this downside scenario, the
notes' ratings would be 'A+(EXP)sf'/ 'A-(EXP)sf'/ 'BBB-(EXP)sf'/
'B+(EXP)sf'/ 'B-(EXP)sf'.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch conducted a review of a small targeted sample of PSA
Financial Services Spain, E.F.C., S. A's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio. Fitch expects to receive a third-party assessment
conducted on the asset portfolio information before the closing
date of the transaction. Overall, Fitch's assessment of the asset
pool information relied upon for the agency's rating analysis
according to its applicable rating methodologies indicates that it
is adequately reliable.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of the transaction's representations, warranties and
enforcement mechanisms (RW&Es) that are disclosed in the offering
document and which relate to the underlying asset pool is available
by clicking the link to the Appendix. The appendix also contains a
comparison of these RW&Es to those Fitch considers typical for the
asset class as detailed in the Special Report titled
'Representations, Warranties and Enforcement Mechanisms in Global
Structured Finance Transactions'.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).


BBVA RMBS 1: Fitch Affirms Bsf Rating on Class C Notes
------------------------------------------------------
Fitch Ratings has affirmed all tranches of four Spanish RMBS and
removed three tranches from Rating Watch Negative (RWN). All
Outlooks are Stable.

RATING ACTIONS

BBVA RMBS 1, FTA

Class A2 ES0314147010; LT A+sf Affirmed; previously at A+sf

Class A3 ES0314147028; LT A+sf Affirmed; previously at A+sf

Class B ES0314147036; LT BBB+sf Affirmed; previously at BBB+sf

Class C ES0314147044; LT Bsf Affirmed; previously at Bsf

BBVA RMBS 2, FTA

Class A3 ES0314148026; LT A+sf Affirmed; previously at A+sf

Class A4 ES0314148034; LT A+sf Affirmed; previously at A+sf

Class B ES0314148042; LT A-sf Affirmed; previously at A-sf

Class C ES0314148059; LT B+sf Affirmed; previously at B+sf

FTA, Santander Hipotecario 3

Class A1 ES0338093000; LT Bsf Affirmed; previously at Bsf

Class A2 ES0338093018; LT Bsf Affirmed; previously at Bsf

Class A3 ES0338093026; LT Bsf Affirmed; previously at Bsf

Class B ES0338093034; LT CCsf Affirmed; previously at CCsf

Class C ES0338093042; LT Csf Affirmed; previously at Csf

Class D ES0338093059; LT Csf Affirmed; previously at Csf

Class E ES0338093067; LT Csf Affirmed; previously at Csf

Class F (RF) ES0338093075; LT Csf Affirmed; previously at Csf

BBVA RMBS 3, FTA

Class A1 ES0314149008; LT B+sf Affirmed; previously at B+sf

Class A2 ES0314149016; LT B+sf Affirmed; previously at B+sf

Class B ES0314149032; LT CCsf Affirmed; previously at CCsf

Class C ES0314149040; LT Csf Affirmed; previously at Csf

TRANSACTION SUMMARY

The transactions comprise Spanish mortgages serviced by Banco
Bilbao Vizcaya Argentaria S.A. (BBB+/Stable/F2) for BBVA RMBS 1-3
and Banco Santander S.A. (A-/Negative/F2) for Santander Hipotecario
3 (Santander 3).

KEY RATING DRIVERS

COVID-19 Additional Stresses Assumptions

In its analysis of the transactions, Fitch has applied additional
stresses in conjunction with its European RMBS Rating Criteria in
response to the coronavirus outbreak and the recent legislative
developments in Catalonia. Fitch anticipates a generalised
weakening of the Spanish borrowers' ability to keep up with
mortgage payments linked to a spike in unemployment and
vulnerability for self-employed borrowers.

Performance indicators such as the levels of arrears could increase
in the following months and, therefore, Fitch has also incorporated
a 10% increase to the weighted average foreclosure frequency (WAFF)
of the portfolios.

As outlined in "Fitch Ratings Coronavirus Scenarios: Baseline and
Downside Cases -- Update", Fitch also considers a downside
coronavirus scenario for sensitivity purposes whereby a more severe
and prolonged period of stress is assumed. Under this scenario,
Fitch's analysis accommodates a further increase to the portfolio
WAFF and a decrease to the WA recovery rates (RR). The sensitivity
of the ratings to scenarios more severe than currently expected is
provided in Rating Sensitivities.

BBVA Transactions: RWN Resolved & Criteria Variation

The affirmation and RWN resolution of BBVA 2 Classes A and B notes
reflect its view that credit enhancement (CE) is sufficient to
mitigate the risks associated with performance volatility and the
longer recovery timings on future loan defaults located in
Catalonia.

Fitch has applied a 25% haircut to the asset model estimated RR for
the BBVA RMBS transactions, considering the record of cumulative
recoveries on defaults of about 34% as per the latest reporting
date, which compares against an average of about 65% observed for
the rest of Fitch-rated Spanish RMBS transactions. This is a
variation from the European RMBS Criteria and has a maximum Model
Implied Rating impact of minus five notches (Class C notes of BBVA
2).

Payment Interruption Risk Caps Ratings

All transactions remain exposed to unmitigated payment interruption
risk in the event of a servicer disruption, as the available
structural mitigants are deemed insufficient to cover stressed
senior fees, net swap payments and senior note interest due amounts
while an alternative servicer arrangement is implemented. As a
result, the maximum achievable rating remains at 'A+sf' as per
Fitch's Structured Finance and Covered Bonds Counterparty Rating
Criteria.

Low Take-up Rates on Payment Holidays

Fitch does not expect the COVID-19 emergency support measures
introduced by the Spanish government and banks for borrowers in
vulnerability to negatively affect the special-purpose vehicles'
liquidity positions, given the low take-up rate of payment holidays
in the BBVA RMBS transactions that range between 3.9% and 5.4% as
of June 2020. Additionally, the high portfolio seasoning of about
15 years and the large share of floating-rate loans that enjoy the
low interest-rate scenario are strong mitigants against
macroeconomic uncertainty.

CE Trends

Fitch expects CE ratios to continue increasing for all transactions
in the short term due to prevailing sequential amortisation of the
notes. However, for BBVA 1 and BBVA 2, CE ratios could decrease if
the pro-rata amortisation mechanism was activated with the
application of a reverse sequential amortisation of the notes until
tranche thickness targets for classes B and C notes are met (double
the initial thickness percentages). For example, BBVA 1 class A
notes CE could reduce to about 19.3% from 27.4% at present. The
switch to pro-rata is subject to performance triggers, such as the
reserve funds being at their respective target amounts.

ESG Considerations

BBVA 1 and BBVA 2 have an Environmental, Social and Governance
(ESG) Relevance Score of '5' for Transaction & Collateral Structure
due to unmitigated payment interruption risk, which has a negative
impact on the credit profile, and is highly relevant to the rating,
resulting in a downward adjustment to the ratings by at least one
notch.

BBVA 3 has an ESG Relevance Score of '4' for Transaction &
Collateral Structure due the exposure to payment interruption risk,
which could have a negative impact on the credit profile and is
relevant to the ratings in conjunction with other factors. In
addition, it has an ESG Relevance Score of '4' for Transaction
Parties & Operational Risk due to the breach of account bank
replacement triggers, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Increase in credit enhancement, as the transactions deleverage, to
fully compensate for the credit losses and cash-flow stresses that
are commensurate with higher rating scenarios, all else being
equal.

For the senior notes of all transactions, improved liquidity
protection against a servicer disruption event. This because the
ratings are currently capped at 'A+sf' on unmitigated payment
interruption risk.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

A longer-than-expected coronavirus crisis that weakens
macroeconomic fundamentals and the mortgage market in Spain beyond
Fitch's current base case. Insufficient credit enhancement to fully
compensate the credit losses and cash-flow stresses associated with
the current ratings scenarios, all else being equal. To approximate
this scenario, a rating sensitivity has been conducted by
increasing default rates by 15% and reducing recovery expectations
by 15% (for Santander 3), which would imply downgrades of more than
one notch for some of the notes.

CRITERIA VARIATION

Fitch has applied a 25% haircut to the asset model estimated RR for
the BBVA RMBS transactions, considering the record of cumulative
recoveries on defaults of about 34% as per the latest reporting
date, that compares against an average of about 65% observed for
the rest of Spanish RMBS transactions rated by Fitch. This
constitutes a variation from the European RMBS Criteria and has a
maximum Model Implied Rating impact of minus five notches (Class C
notes of BBVA 2).

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third- party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring. Fitch did not undertake a review of the information
provided about the underlying asset pools ahead of the
transactions' initial closing. The subsequent performance of the
transactions over the years is consistent with the agency's
expectations given the operating environment and Fitch is,
therefore, satisfied that the asset pool information relied upon
for its initial rating analysis was adequately reliable. Overall,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

For Santander Hipotecario 3, because the loan-by-loan portfolio
data sourced from the European Data Warehouse did not include
information about the "occupancy type" of most of the underlying
properties, Fitch assumed all loans as "no data" and did not apply
any additional FF adjustment to such loans. Fitch views the
ResiGlobal model output of this transaction to adequately capture
the risky attributes of the portfolio.

ESG CONSIDERATIONS

BBVA RMBS 1 and BBVA RMBS 2 has each an ESG Relevance Score of '5'
for Transaction & Collateral Structure.

BBVA RMBS 3 has an ESG Relevance Score of '4' for Transaction &
Collateral Structure and a '4' for Transaction Parties &
Operational Risk.

Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of '3' - ESG issues are credit
neutral or have only a minimal credit impact on the entity(ies),
either due to their nature or the way in which they are being
managed by the entity(ies).


FTA UCI 14: Fitch Lowers Rating on Class B Notes to B+
------------------------------------------------------
Fitch has downgraded three mezzanine tranches of FTA UCI 14 to 16
and removed four tranches from Rating Watch Negative (RWN). Three
tranches (two senior and one mezzanine) were put on Outlook
Negative.

RATING ACTIONS

FTA, UCI 17

Class A2 ES0337985016; LT BB+sf Affirmed; previously at BB+sf

Class B ES0337985024; LT CCCsf Affirmed; previously at CCCsf

Class C ES0337985032; LT CCsf Affirmed; previously at CCsf

Class D ES0337985040; LT CCsf Affirmed; previously at CCsf

FTA, UCI 14

Class A ES0338341003; LT BBB+sf Affirmed; previously at BBB+sf

Class B ES0338341011; LT B+sf Downgrade; previously at BB+sf

Class C ES0338341029; LT CCCsf Affirmed; previously at CCCsf

FTA, UCI 15

Series A ES0380957003; LT BBBsf Affirmed; previously at BBBsf

Series B ES0380957011; LT BB-sf Downgrade; previously at BB+sf

Series C ES0380957029; LT CCCsf Affirmed; previously at CCCsf

Series D ES0380957037; LT CCCsf Affirmed; previously at CCCsf

FTA, UCI 16

Class A2 ES0338186010; LT BBBsf Affirmed; previously at BBBsf

Class B ES0338186028; LT B-sf Downgrade; previously at Bsf

Class C ES0338186036; LT CCCsf Affirmed; previously at CCCsf

Class D ES0338186044; LT CCsf Affirmed; previously at CCsf

Class E ES0338186051; LT CCsf Affirmed; previously at CCsf

TRANSACTION SUMMARY

The transactions comprise non-conforming Spanish residential
mortgages originated and serviced by Union de Creditos
Inmobiliarios S.A. E.F.C. (UCI, BBB/Negative/F2) a specialist
lender equally owned by BNP Paribas, S.A. (A+/RWN/F1) and Banco
Santander, S.A. (A-/Negative/F2).

KEY RATING DRIVERS

COVID-19 Additional Stress Assumptions

In its analysis of the transactions, Fitch has applied additional
stress scenarios in conjunction with its European RMBS Rating
Criteria in response to the coronavirus outbreak and the recent
legislative developments in Catalonia.

As outlined in "Fitch Ratings Coronavirus Scenarios: Baseline and
Downside Cases -- Update", Fitch also considers a downside
coronavirus scenario for sensitivity purposes whereby a more severe
and prolonged period of stress is assumed. Under this scenario,
Fitch's analysis accommodates a further 15% increase to the
portfolio weighted average foreclosure frequency (WAFF) and a 15%
decrease to the weighted average recovery rates (WARR).

RWN Resolved

The RWN resolutions and downgrades of Class B notes of UCI 14 to 16
reflect its view that Credit Enhancement (CE) is insufficient to
absorb the COVID-19 induced expected performance deterioration. The
Negative Outlooks on Class A notes of UCI 14 & 15 and class B notes
of UCI 16 reflect the notes' increased sensitivity towards asset
performance outcomes in rising interest-rate scenarios as even
slightly better-than-expected asset performance might not always be
beneficial to the notes as more excess spread is lost to junior
notes' interest payments in such case.

Performance Deterioration Expected

Fitch expects increased difficulties for Spanish borrowers to keep
up with their mortgage payments due to a spike in unemployment and
increased vulnerability of self-employed borrowers. The effect is
expected to be particular pronounced in these transactions given
their non-conforming nature. About half of the portfolio across all
transactions have been subject to some kind of restructuring
agreement in the past to support borrowers either facing or
anticipating financial hardship already before COVID-19. Fitch
applies additional foreclosure frequency (FF) adjustments to these
loans based on the most recent date between last date in arrears or
restructuring end date, in accordance with Fitch's European RMBS
Rating Criteria. Fitch considers a spike in arrears therefore
already adequately captured in its assumptions and did no further
arrears adjustment.

No Credit Given to Unsecured Loans

All transactions contain a small proportion of unsecured loans
ranging from 3.7% (UCI 17) to 7.1% (UCI 14) of the current
portfolio balance including defaults, which were granted alongside
the mortgage at loan origination. In its analysis, Fitch has not
given credit to the proceeds from unsecured loans due to inherent
risk of complementary loans and insufficient performance data,
resulting in negative CE ratios for the junior tranches across the
four transactions.

Market Conform Payment Holiday Take-up

As of June 2020, the exposure to payment holidays (PH) within the
transactions range between 9% and 10% of the current portfolio
balances and is broadly in line with the Spanish market average.
Fitch did not apply additional stresses linked to PH supported by
the temporary nature of the legislative PH that last for a maximum
of three months. All transactions operate a combined waterfall of
payments, where principal can thus be used to cover for temporary
liquidity shortfalls.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  - Sufficient increase in CE ratios as the transactions amortise
to fully compensate the credit losses and cash flow stresses
commensurate with higher rating scenarios, all else being equal.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

  - An abrupt shift of interest rates could jeopardise the
underlying borrowers' affordability. This could have negative
rating implications, especially for junior tranches that are less
protected by structural CE.

  - A longer-than-expected coronavirus crisis that erodes
macroeconomic fundamentals and the mortgage market in Spain beyond
Fitch's current base case, such that CE cannot fully compensate the
additional credit losses and cash-flow stresses, all else being
equal.

As outlined in "Fitch Ratings Coronavirus Scenarios: Baseline and
Downside Cases", Fitch considered a more severe downside
coronavirus scenario for sensitivity purpose whereby a more severe
and prolonged period of stress is assumed. Under this scenario,
Fitch's analysis uses a 15% weighted average FF increase and a 15%
decrease in the WARR. All notes' ratings of all transactions would
be negatively affected in such scenario with rating downgrades of
up to three notches.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. There were no findings that affected
the rating analysis.

For all transactions, Fitch did not receive a fully updated
loan-by-loan file in European DataWarehouse format, but only
received updated information on key inputs on a loan-by-loan basis
and complemented its analysis with aggregate portfolio data.

Fitch has not reviewed the results of any third-party assessment of
the asset portfolio information or conducted a review of
origination files as part of its ongoing monitoring. Fitch did not
undertake a review of the information provided about the underlying
asset pools ahead of the transactions' initial closing. The
subsequent performance of the transactions over the years is
consistent with the agency's expectations given the operating
environment and Fitch is, therefore, satisfied that the asset pool
information relied upon for its initial rating analysis was
adequately reliable.

Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable, but it
expects to receive a full comprehensive loan-by-loan file for its
next review.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

FTA, UCI 14: Transaction Parties & Operational Risk due to
non-conforming borrowers: '4'

FTA, UCI 15: Transaction Parties & Operational Risk due to
non-conforming borrowers: '4'

FTA, UCI 16: Transaction Parties & Operational Risk due to
non-conforming borrowers: '4'

FTA, UCI 17: Transaction Parties & Operational Risk due to
non-conforming borrowers: '4'

Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of '3' - ESG issues are credit
neutral or have only a minimal credit impact on the entity(ies),
either due to their nature or the way in which they are being
managed by the entity(ies).




=====================
S W I T Z E R L A N D
=====================

SCHMOLZ + BICKENBACH: S&P Withdraws 'CCC+' LT Issuer Credit Rating
------------------------------------------------------------------
S&P Global Ratings, on Sept. 18, 2020, withdrew its 'CCC+'
long-term issuer credit rating on Swiss steelmaker Schmolz +
Bickenbach AG at the company's request. The outlook was stable at
the time of the withdrawal, balancing tough operating conditions
with a low likelihood of a distressed exchange after the company
completed a EUR300 million capital increase in January 2020.

S&P also withdrew its 'CCC+' issue rating on the company's
outstanding EUR21 million senior unsecured notes.




===========
T U R K E Y
===========

[*] Fitch Affirms Ratings on 7 Turkish DPR Programmes
-----------------------------------------------------
Fitch Ratings has affirmed seven Turkish diversified payment rights
(DPR) programmes with unchanged Outlooks. Six continue to have
Stable Outlooks, reflecting healthy DPR flows and sufficient debt
service coverages. One continues to have a Negative Outlook,
reflecting its relatively weak DPR flows and low debt service
coverages compared with peers and that a further decrease in flows
could translate into rating pressure.

The rating actions follow the recent Outlook revisions on Turkish
banks, and Turkey's sovereign rating.

The Outlooks on the following six programmes are Stable:

A.R.T.S. Ltd. (ARTS, originated by Akbank T.A.S. (Akbank)

Bosphorus Financial Services Limited (Bosphorus, originated by QNB
Finansbank A.S. (QNB Finansbank)

DFS Funding Corp (DFS, originated by Denizbank A.S. (Denizbank)

Garanti Diversified Payment Rights Finance Company (Garanti DPR,
originated by Turkiye Garanti Bankasi A.S. (Garanti)

VB DPR Finance Company (VB DPR, originated by Turkiye Vakiflar
Bankasi T.A.O. (Vakifbank)

Yapi Kredi Diversified Payment Rights Finance Company Ltd (Yapi
Kredi DPR, originated by Yapi ve Kredi Bankasi A.S. (Yapi Kredi)

The Outlook on the following programme is Negative:

TIB Diversified Payment Rights Finance Company (TIB DPR, originated
by Turkiye Is Bankasi A.S. (Isbank)

RATING ACTIONS

Yapi Kredi Diversified Payment Rights Finance Company Ltd

Series 2011-E XS0678316240; LT BB+ Affirmed; previously at BB+

Series 2013-D XS0950411834; LT BB+ Affirmed; previously at BB+

Series 2014-A XS1118209375; LT BB+ Affirmed; previously at BB+

Series 2015-B XS1199023638; LT BB+ Affirmed; previously at BB+

Series 2015-F XS1261205915; LT BB+ Affirmed; previously at BB+

Series 2015-G XS1261206301; LT BB+ Affirmed; previously at BB+

Series 2017-A XS1726113381; LT BB+ Affirmed; previously at BB+

Series 2017-B XS1741479494; LT BB+ Affirmed; previously at BB+

Series 2017-C; LT BB+ Affirmed; previously at BB+

Series 2017-D XS1741479650; LT BB+ Affirmed; previously at BB+

Series 2017-E XS1741480070; LT BB+ Affirmed; previously at BB+

Series 2017-F XS1741479908; LT BB+ Affirmed; previously at BB+

Series 2017-G XS1739387642; LT BB+ Affirmed; previously at BB+

Series 2018-A XS1760837275; LT BB+ Affirmed; previously at BB+

Series 2018-B XS1777290278; LT BB+ Affirmed; previously at BB+

Series 2018-C XS1924942060; LT BB+ Affirmed; previously at BB+

Series 2019-A XS1957348367; LT BB+ Affirmed; previously at BB+

Series 2019-B XS1957348441; LT BB+ Affirmed; previously at BB+

Series 2019-C XS1957348797; LT BB+ Affirmed; previously at BB+

Garanti Diversified Payment Rights Finance Company

Series 2010-B XS0569048241; LT BB+ Affirmed; previously at BB+

Series 2010-C XS0569048670; LT BB+ Affirmed; previously at BB+

Series 2012-A; LT BB+ Affirmed; previously at BB+

Series 2013-E XS0997596746; LT BB+ Affirmed; previously at BB+

Series 2014-A XS1051841234; LT BB+ Affirmed; previously at BB+

Series 2015-B XS1255923689; LT BB+ Affirmed; previously at BB+

Series 2016-A XS1535877952; LT BB+ Affirmed; previously at BB+

Series 2016-B XS1535882366; LT BB+ Affirmed; previously at BB+

Series 2016-C XS1537559491; LT BB+ Affirmed; previously at BB+

Series 2016-D; LT BB+ Affirmed; previously at BB+

Series 2016-E XS1537559731; LT BB+ Affirmed; previously at BB+

Series 2017-A XS1555070041; LT BB+ Affirmed; previously at BB+

Series 2017-B XS1555070553; LT BB+ Affirmed; previously at BB+

Series 2017-C XS1695286671; LT BB+ Affirmed; previously at BB+

Series 2017-D XS1739390430; LT BB+ Affirmed; previously at BB+

Series 2018-A XS1924354126; LT BB+ Affirmed; previously at BB+

Series 2018-B XS1924354399; LT BB+ Affirmed; previously at BB+

Series 2019-A XS1959997757; LT BB+ Affirmed; previously at BB+

A.R.T.S. Ltd.

Tranche 29 XS0657342738; LT BB+ Affirmed; previously at BB+

Tranche 39 XS1227830731; LT BB+ Affirmed; previously at BB+

Tranche 40 JE009A2RV9T3; LT BB+ Affirmed; previously at BB+

Tranche 41 JE009A2RVC90; LT BB+ Affirmed; previously at BB+

Tranche 43 XS1308337051; LT BB+ Affirmed; previously at BB+

Tranche 44 XS1308681771; LT BB+ Affirmed; previously at BB+

Tranche 45 JE009A2XJQ84; LT BB+ Affirmed; previously at BB+

Tranche 46 XS1434558661; LT BB+ Affirmed; previously at BB+

Tranche 47 XS1438306679; LT BB+ Affirmed; previously at BB+

Tranche 48 XS1438307057; LT BB+ Affirmed; previously at BB+

Tranche 49 XS1438307305; LT BB+ Affirmed; previously at BB+

Tranche 50 XS1438307644; LT BB+ Affirmed; previously at BB+

Tranche 51 XS1438308451; LT BB+ Affirmed; previously at BB+

Tranche 52; LT BB+ Affirmed; previously at BB+

Tranche 53 XS1435756751; LT BB+ Affirmed; previously at BB+

Tranche 54 XS1438309004; LT BB+ Affirmed; previously at BB+

Tranche 55 XS1438309186; LT BB+ Affirmed; previously at BB+

Tranche 56 XS1438310432; LT BB+ Affirmed; previously at BB+

Tranche 57 XS1801853133; LT BB+ Affirmed; previously at BB+

Tranche 58 XS1801856318; LT BB+ Affirmed; previously at BB+

Tranche 59 XS1801856409; LT BB+ Affirmed; previously at BB+

Tranche 60; LT BB+ Affirmed; previously at BB+

Tranche 61 XS1801860427; LT BB+ Affirmed; previously at BB+

TIB Diversified Payment Rights Finance Company

Series 2012-A XS0798555966; LT BB+ Affirmed; previously at BB+

Series 2012-B XS0798556345; LT BB+ Affirmed; previously at BB+

Series 2013-D XS0985825172; LT BB+ Affirmed; previously at BB+

Series 2014-A XS1102748073; LT BB+ Affirmed; previously at BB+

Series 2014-B; LT BB+ Affirmed; previously at BB+

Series 2015-A XS1210043052; LT BB+ Affirmed; previously at BB+

Series 2015-B XS1210043136; LT BB+ Affirmed; previously at BB+

Series 2015-G XS1316496907; LT BB+ Affirmed; previously at BB+

Series 2016-A XS1501082256; LT BB+ Affirmed; previously at BB+

Series 2016-B XS1508150452; LT BB+ Affirmed; previously at BB+

Series 2016-C XS1508150379; LT BB+ Affirmed; previously at BB+

Series 2016-D; LT BB+ Affirmed; previously at BB+

Series 2016-E XS1529855253; LT BB+ Affirmed; previously at BB+

Series 2016-F XS1508150023; LT BB+ Affirmed; previously at BB+

Series 2017-A XS1733314790; LT BB+ Affirmed; previously at BB+

Series 2017-B XS1733315094; LT BB+ Affirmed; previously at BB+

Series 2017-C; LT BB+ Affirmed; previously at BB+

Series 2017-D XS1725889130; LT BB+ Affirmed; previously at BB+

Series 2017-E XS1733315847; LT BB+ Affirmed; previously at BB+

Series 2017-F XS1733316068; LT BB+ Affirmed; previously at BB+

Series 2017-G XS1733316142; LT BB+ Affirmed; previously at BB+

Series 2017-H XS1739379623; LT BB+ Affirmed; previously at BB+

Series 2017-I XS1739379979; LT BB+ Affirmed; previously at BB+

VB DPR Finance Company

Tranche 2011-A; LT BB+ Affirmed; previously at BB+

Tranche 2014-F XS1149493022; LT BB+ Affirmed; previously at BB+

Tranche 2016-A; LT BB+ Affirmed; previously at BB+

Tranche 2016-B; LT BB+ Affirmed; previously at BB+

Tranche 2016-C XS1500557506; LT BB+ Affirmed; previously at BB+

Tranche 2016-D XS1498431326; LT BB+ Affirmed; previously at BB+

Tranche 2016-E XS1498434346; LT BB+ Affirmed; previously at BB+

Tranche 2016-G; LT BB+ Affirmed; previously at BB+

Tranche 2018-A; LT BB+ Affirmed; previously at BB+

Tranche 2018-B; LT BB+ Affirmed; previously at BB+

Tranche 2018-C XS1819494060; LT BB+ Affirmed; previously at BB+

Tranche 2018-D XS1819494227; LT BB+ Affirmed; previously at BB+

Tranche 2018-E XS1819494656; LT BB+ Affirmed; previously at BB+

Tranche 2018-F; LT BB+ Affirmed; previously at BB+

Tranche 2018-G XS1888267173; LT BB+ Affirmed; previously at BB+

Tranche 2019-A; LT BB+ Affirmed; previously at BB+

DFS Funding Corp.

Series 2011-C XS0617411359; LT BB Affirmed; previously at BB

Series 2014-C XS1072796441; LT BB Affirmed; previously at BB

Bosphorus Financial Services Limited

Series 2017-A XS1735543545; LT BB Affirmed; previously at BB

Series 2017-B XS1735543628; LT BB Affirmed; previously at BB

TRANSACTION SUMMARY

The DPR programmes are financial future flow securitisations backed
by the originating bank's generation of foreign currency flows
(typically denominated in US dollars, euros or sterling).
Collateral consists of existing and future rights of the bank to
receive foreign currency payments into their accounts with
correspondent banks abroad. DPRs can arise for a variety of reasons
including payments due on the export of goods and services, capital
flows, tourism and personal remittances.

KEY RATING DRIVERS

Fitch has maintained the Going Concern Assessment (GCA) scores
assigned to the originating banks. QNB Finansbank and Denizbank
have a GC2 score, while the other originators have a GC1 score.
Fitch has maintained the notching differential between the DPR
rating and the respective originator's LC IDR.

Fitch has not revised the Outlooks on the DPR programmes despite
the Negative Outlooks on the originating banks' Local-Currency
Long-Term Issuer Default Ratings (LC IDRs). This reflects the lower
rating pressure on the DPR programmes. At current flow and rating
levels, and absent material relevant new circumstances, potential
limited negative rating action on the originators would not
automatically lead to rating action on the DPR notes.

Following the decline in global economic activity resulting from
the coronavirus outbreak, Fitch has observed an average 15%
decrease in offshore designated depositary banks (DDB) flows in
August 2020 compared with February 2020. The average year-on-year
drop was only 6% in August. The most severe drop was in around
April and May while recoveries started from June.

Across the seven programmes, the lowest monthly offshore DDB flows
in recent months are 6% to 42% lower than their respective level in
February 2020. Despite the drop in flows, debt service coverage
ratios (DSCRs) for each programme have remained adequate to support
the ratings. Fitch expects that most programmes can withstand a
material flow decline and their DSCRs could remain at or above 20x
assuming a 50% loss of flows.

Fitch has tested the sufficiency and sustainability of the DSCRs
under various scenarios, including interest rate and FX stresses, a
reduction in payment orders based on the top 20 beneficiary
concentrations and a reduction in remittances based on the steepest
quarterly decline in the last five years. Fitch considers that the
DSCRs for all seven programmes are sufficient to support their
ratings.

ARTS

Fitch has affirmed ARTS' DPR notes at 'BB+' with a Stable Outlook.
The 'BB+' DPR rating reflects an unchanged three-notch uplift from
Akbank's 'B+' LC IDR. Fitch calculates the monthly DSCR for the
programme at 67x based on the monthly average offshore flows
processed through DDBs of the past 12 months and 42x based on the
lowest monthly flows in the past five years, after incorporating
interest rate stresses.

TIB DPR

Fitch has affirmed TIB DPR's notes at 'BB+', three-notches above
Isbank's 'B+' LC IDR. The Outlook is Negative, reflecting its
relatively weak DPR flow levels and low DSCRs compared with peers.
Fitch calculates the monthly DSCR for the programme at 31x based on
the average monthly flows of the past 12 months and 22x based on
the lowest monthly flows in the past five years. DSCRs have become
weaker compared with its previous analysis of the programme and are
now in the low range of peer programmes. A further decrease of
offshore DDB flows could translate into rating pressure.

Garanti DPR

Fitch has affirmed Garanti DPR's notes at 'BB+' with a Stable
Outlook. The 'BB+' DPR rating reflects an unchanged two-notch
uplift from Garanti's 'BB-' LC IDR. The notching uplift on the DPR
debt includes the consideration that Garanti's LC IDR reflects
foreign parent support. Fitch calculates the monthly DSCR for the
programme at 49x based on the average monthly flows of the past 12
months and 41x based on the lowest monthly flows in the past five
years.

Yapi Kredi DPR

Fitch has affirmed Yapi Kredi DPR's notes at 'BB+' with a Stable
Outlook. The 'BB+' DPR rating reflects an unchanged three-notch
uplift from Yapi Kredi's 'B+' LC IDR. Fitch calculates the monthly
DSCR for the programme at 45x based on the average monthly flows of
the past 12 months and 29x based on the lowest monthly flows in the
past five years.

VB DPR

Fitch has affirmed VB DPR's notes at 'BB+' with a Stable Outlook.
The 'BB+' DPR rating reflects an unchanged two-notch uplift over
Vakifbank's 'BB-' LC IDR. The notching uplift on the DPR debt
includes the consideration that Vakifbank's LC IDR reflects state
support. Fitch calculates the monthly DSCR for the programme at 56x
based on the average monthly flows of the past 12 months and 20x
based on the lowest monthly flows in the past five years.

Bosphorus

Fitch has affirmed Bosphorus's DPR notes at 'BB' with a Stable
Outlook. The 'BB' DPR rating reflects an unchanged one-notch uplift
over QNB Finansbank's 'BB-' LC IDR. The notching uplift on the DPR
debt includes the considerations that QNB Finansbank's LC IDR
reflects foreign parent support and its relative positions in the
Turkish banking sector, as reflected in its GC2 score. Fitch
calculates the monthly DSCR for the programme at 58x based on the
average monthly flows of the past 12 months and 20x based on the
lowest monthly flows in the past five years.

DFS

Fitch has affirmed DFS's DPR notes at 'BB' with a Stable Outlook.
The 'BB' DPR rating reflects an unchanged one-notch uplift from
Denizbank's 'BB-'LC IDR. The notching uplift on the DPR debt
includes the considerations that Denizbank's LC IDR reflects
foreign parent support and its relative positions in the Turkish
banking sector, as reflected in its GC2 score, Fitch calculates the
monthly DSCR for the programme at 251x based on the average monthly
flows of the past 12 months and 150x based on the lowest monthly
flows in the past five years.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

The transactions' ratings are sensitivity to the originators'
credit quality. However, a one-notch downgrade of the originator's
LC IDR may not necessarily translate into a downgrade of the DPR
notes' ratings, all else equal. Fitch will review the transactions'
ratings if there is a change in the originators' LC IDRs.

Other significant variables affecting the transactions' ratings are
the GCA score, the DPR flows and DSCRs. Fitch would analyse a
change in any of these variables for the impact on the
transactions' ratings. Another important consideration that could
lead to rating action is the level of future flow debt as a
percentage of the bank's overall liability profile, its non-deposit
funding and long-term funding. This is factored into Fitch's
analysis to determine the maximum achievable notching differential,
given the GCA score.

The six programmes with Stable Outlooks currently have a median to
high level of DSCR and Fitch expects them to be able to withstand a
moderate decline in DPR flows. However, significant further
declines in flows could translate into rating pressure. TIB DPR has
a relatively low DSCR and hence a further decrease of flows could
lead to negative rating action.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Fitch does not currently anticipate developments with a high
likelihood of triggering an upgrade. The main constraint on DPR
notes' ratings is the respective originators' credit quality and
the market conditions in Turkey, which is relevant to DPR flows
performance. Increased economic stability could contribute
positively to DPR flow performance and to the rating
considerations. Fitch will review the DPR notes' ratings if any of
these variables change.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has not conducted any checks on the consistency and
plausibility of the information it has received about the
performance of the asset pools and the transactions. Fitch has not
reviewed the results of any third-party assessment of the asset
portfolio information or conducted a review of origination files as
part of its ongoing monitoring.

Prior to the transactions' initial closing, Fitch did not review
the results of a third-party assessment conducted on the asset
portfolio information, and Fitch did not undertake a review of the
information provided about the underlying asset pools. The
subsequent performance of the transactions over the years is
consistent with the agency's expectations given the operating
environment and Fitch is therefore satisfied that the asset pool
information relied upon for its initial rating analysis was
adequately reliable.

Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The future flow ratings are driven by the credit risk of the
originating banks as measured by their respective Local Currency
Long-Term IDR.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).




=============
U K R A I N E
=============

KERNEL HOLDING: Fitch Affirms BB- LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Ukrainian commodity processor Kernel
Holding S.A.'s Long-Term Foreign- and Local-Currency (LC) Long-Term
Issuer Default Ratings (IDR) at 'BB-'. The Outlook is Stable.

The affirmation reflects its expectations that Kernel will maintain
a high share of export profits (FY20: 95% of EBITDA), and continue
proactively refinancing upcoming debt maturities. Combined with its
commitment to maintain a conservative capital structure and the
current stability in Ukraine's operating environment, this should
support resilience of Kernel's credit profile.

The rating benefits from Kernel's heavy-assets business structure
with vertical integration into commodities sourcing and logistic
infrastructure, resulting in stronger profitability compared with
international peers. This is balanced by the concentration of
commodities sourcing in one region and moderate scale. Kernel's
Long-Term Foreign-Currency (FC) IDR continues to benefit from two
notches uplift from the Ukrainian Country Ceiling of 'B', thanks to
strong hard-currency debt service ratios.

KEY RATING DRIVERS

Global Commodity Seller: Kernel's Long-Term LC IDR is above
Ukraine's 'B' LC IDR. This reflects Fitch's view that the group's
increasing commodities export operations to global markets,
facilitated by the Avere trading unit, justifies a higher
assessment of the overall operating environment applied to Kernel's
credit profile compared with that of Ukraine, where the majority of
the company's assets is located.

Kernel's overall operating environment score also benefits from its
access to diversified funding sources, not limited to Ukraine's
banking system, with the majority of credit facilities represented
by Eurobonds, pre-export finance facilities provided by
international banks and loans provided by multilateral lending
institutions, confirming good access to external liquidity.

Rating Above Country Ceiling: Kernel's Long-Term FC IDR is two
notches above Ukraine's Country Ceiling of 'B' and the same level
as the company's Long-Term LC IDR. The uplift reflects its
expectation that the group will maintain substantial offshore cash
balances and a comfortable schedule of repayments for its foreign
currency debt refinancing any upcoming material debt maturities
well in advance, ensuring a hard-currency debt service ratio above
1.5x over FY21-FY22 with sufficient headroom (FYE20: 5.1x).

Record FY20 Profits to Normalise: Fitch expects Kernel to post
record high EBITDA in FY20 (ending June 2020) of USD412 million,
driven by a record sunflower seeds harvest in Ukraine and higher
average sunflower oil prices in the year. This will result in above
USD90 EBITDA per ton in FY20 in the core oil segment vs. USD62 in
FY19. Profits are also expected to be supported by the strong
contribution of Avere trading and healthy margins in farming.

Fitch expects profitability in the core oil segment to normalise
toward USD60 to USD75 per ton in FY21-23, resulting in lower
segment EBITDA. Nonetheless, profits should grow in FY22-23
supported by new capacity launches and efficiency initiatives.

Limited Pressure from High Capex: High EBITDA will translate into
positive free cash flow (FCF) in FY20, in contrast to its previous
estimates, despite increased capex of up to USD240 million in FY20.
This will allow Kernel to avoid a temporary hike in its leverage in
FY20 and smooth out the impact of continued expansionary spending
on its leverage profile by FY21. However, Fitch expects leverage
metrics to peak in FY21 due to an anticipated EBITDA decline
combined with capex of around USD250 million, but to still having
adequate rating headroom.

After FY22 Fitch projects positive FCF as capex reduces and profits
increase thanks to the new facilities coming on stream. Fitch may
expect dividend payments to grow from FY21 in absence of new
expansion projects or material acquisitions.

Current expansionary projects, including new export terminal in the
Black Sea, silos and renewable energy plants should support further
growth of Kernel's scale and business diversification, contributing
to a stronger credit profile in the medium term. Given Kernel's
strong track record in green field projects, Fitch assesses
execution risks related to the projects as limited.

Improving Diversification: Kernel continues to reduce its reliance
on a single commodity, sunflower oil, with growing grain trading
operations (primarily corn, wheat and barley). The oilseed
processing segment contributed only 34% of the group EBITDA in FY20
(based on preliminary reported figures; before unallocated costs)
compared with 40% in FY16. Fitch estimates that the share of
sunflower oil in the group's EBITDA will remain below 35% in
FY21-23.

Concentrated Commodities Sourcing: Kernel remains largely reliant
on Ukraine for sourcing commodities it sells into the global
markets. This exposes it to risks of a contraction in the Ukrainian
harvest. However, Fitch notes that despite a weakening in farmers'
access to external financing over the past few years, the company's
volumes sourced have not suffered. Even if the harvest declines,
Fitch believes Kernel would be able to manage the risks due to its
leading market position, ownership of two port terminal facilities
and other infrastructure assets, and its better access to external
liquidity than many of its Ukrainian competitors.

Asset-Heavy Business Model: Kernel has a stronger funds from
operations (FFO) margin (FY20, based on preliminary reported
figures: 7.6%) than global agricultural commodity processors and
traders. This is due to its asset-heavy business model with
substantial processing operations (relative to trading) and
infrastructure assets, and integration into farming. Kernel's asset
structure and integration within operating segments allow the group
to retain leading market positions in sunflower oil and grain
exports, and are positive for its credit profile.

Fitch expects Kernel to strengthen its competitive advantage in
Ukraine once it completes its current investment plan. These
initiatives will enhance Kernel's integrated business model and
enable the group to better compete with major foreign traders that
also operate in the country.

Challenging Sunflower Oil Market: The Ukrainian sunflower oil
market is characterised by periodic excess of crushing capacity
over seeds supply, which creates a challenging environment to
procure seeds, increased costs and compressed margin for sunflower
oil producers. Although the gap between demand and supply of seeds
is reducing thanks to increasing harvests, as Fitch has seen in
FY20, Fitch expects this factor to pressure Kernel's profitability
in the medium term.

Margins are also exposed to volatile international sunflower oil
prices, which have recovered in FY20 vs. low levels in FY19. Based
on the current market prices Fitch assumes further growth in FY21,
but normalisation toward the historical five-year average
afterwards.

DERIVATION SUMMARY

Kernel's 'BB-' IDR is in line with the France-based sugar trader of
comparable scale, Tereos SCA (BB-/Negative), and multiple notches
below global diversified traders, such as Cargill Incorporated
(A/Stable), Archer Daniels Midland Company (A/Stable) and Bunge
Limited (BBB-/Stable).

Compared with Tereos, Kernel has a stronger financial profile. This
is balanced by Kernel's dependence on a single sourcing region,
Ukraine, compared with Tereos's ability to source from two regions,
Europe and Brazil. Kernel's rating is also two-notches above Aragvi
Holding International Limited (B/Stable), Moldova's sunflower seed
crusher, which has significantly smaller scale and higher leverage
metrics.

Kernel's rating is higher than Ukrainian poultry producer MHP
(B+/Stable), which is more exposed to the domestic market than
Kernel, although operating in a less volatile sector.

KEY ASSUMPTIONS

Revenue increasing to USD4.7 billion by FY23 (FY19: USD4 billion),
in light of to the additional volume of traded commodities thanks
to the new infrastructures Kernel is building in Ukraine;

EBITDA margin at 10.2% in FY20 (8.4% in FY19), falling to 7.4% in
FY21 and trending towards 8.1% by FY23;

Capex of USD240 million-USD250 million in FY20 and FY21, which
include investments on the new port terminal capacity, an oilseed
processing plant in western Ukraine and for the cogeneration heat
and power plants. Capex at around USD70 million-USD80 million per
year thereafter;

Dividends between USD20 and USD40 million in FY20-23.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  - Improved scale and diversification, reflected in EBITDAR
trending towards USD500 million and increasing EBITDA contribution
from commodities/services not related to sunflower oil;

  - Maintain readily marketable inventories (RMI) FFO net leverage
in the range of 2.5x to 3.0x on a sustained basis;

  - Maintain RMI-adjusted FFO interest cover above 5.0x on a
sustained basis;

  - Neutral to positive FCF margin.

For the FC IDR

Upgrade of the LC IDR in conjunction with:

  - Upgrade of the Ukrainian Country Ceiling or the ability to be
rated above the Country Ceiling by satisfying hard-currency debt
service ratio minimum conditions for a sustained period, as per
Fitch's methodology Rating Non-Financial Corporates Above the
Country Ceiling.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

  - Internal liquidity score below 0.8x due to operating
underperformance or shift in debt structure towards short-term debt
or inability to procure sufficient working capital facilities to
cover its operational activity;

  - RMI FFO net leverage above 3.5x on a sustained basis;

  - RMI-adjusted FFO interest cover below 4.0x on a sustained
basis.

For the FC IDR

  - Failure to refinance the upcoming debt maturities of FY22 by
December 2020, resulting in hard-currency debt service ratio
falling below 1.5x over 18 months as calculated in accordance with
Fitch's methodology Rating Non-Financial Corporates Above the
Country Ceiling. This would remove the ability to be rated above
Ukraine's Country Ceiling by two notches;

  - Downgrade of Ukraine's Country Ceiling to 'B-'.

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: Fitch expects Kernel to report over USD300
million of readily available cash as of end-June 2020, which is
more than sufficient to cover short-term financial liabilities of
USD45 million. In addition, Fitch also expects the Fitch liquidity
ratio to be 1.1x compared with 0.9x as of end-June 2019, thanks to
the lower reliance on short-term financing following the USD300
million Eurobond issuance of October 2019.

The strong liquidity will be partly used to finance the USD250
million capex investments expected in FY21, along with financing
the working capital investments for the next financial year. In
addition, Kernel has access to USD390 million of sunflower oil
pre-export credit facilities and the grain pre-export facility of
USD300 million.

For commodity processors and traders, Fitch assesses internal
liquidity using a liquidity score defined as: unrestricted cash and
cash equivalents balances, plus third-parties account receivables,
plus RMI (discounted by 30% for Kernel), divided by all current
liabilities, including trade payables and financial debt maturing
over the next 12 months.

Fitch rates unsecured bonds issued by Kernel Holding S.A. and
guaranteed on a senior basis by the group's major operating
subsidiaries, at the level of IDR, as the amount of secured debt
(FYE20: USD223 million) does not exceed 2.0x-2.5x EBITDA, thus
Fitch believes there is no material subordination for unsecured
creditors.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).




===========================
U N I T E D   K I N G D O M
===========================

ALDO UK: Bought Out of Administration by Bushell Investment
-----------------------------------------------------------
Business Sale reports that the UK arm of shoe retailer Aldo has
been acquired by Birmingham-based investment firm the Bushell
Investment Group (BIG).

According to Business Sale, the acquisition of Aldo UK's trade and
assets will see over 700 jobs saved, as well as protecting
investments of over GBP30 million.

Aldo UK entered administration in June at the same time as its
Canadian parent Aldo Group, which filed for Companies' Creditors
Arrangement Act in Canada (CCAA) while pursuing similar measures
for its North American, Irish and Swiss businesses, Business Sale
relates.

The administration, which Aldo UK blamed on the impact of the
COVID-19 pandemic as well as "historic profitability challenges and
the unprecedented collapse in retail spending in the UK", saw five
of its UK stores permanently close while administrators RSM
explored future options for the remaining eight UK stores, Business
Sale discloses.

Since appointing RSM, Aldo said that it had successfully traded
through a difficult period and had opened three additional stores,
Business Sale notes.

In its most recent available accounts, to the year ending January
26 2019, Aldo UK registered total losses of close to GBP5.5
million, Business Sale states.  Turnover for the year was GBP29
million, down from GBP34 million in 2018, a decline attributed to
four underperforming stores which subsequently closed, according to
Business Sale.  At the time, the company reported current assets of
GBP35 million and liabilities of GBP28.9 million, Business Sale
relays.


AVON FINANCE 2: S&P Assigns B- Rating on Class F Notes
------------------------------------------------------
S&P Global Ratings assigned credit ratings to Avon Finance No. 2
PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd U.K. RMBS
notes. At closing, Avon Finance No. 2 also issue unrated class Z
notes, as well as class S1, S2, and Y certificates, and VRR loan
notes.

The transaction is a repack of the Warwick Finance Residential
Mortgages Number One PLC transaction, which closed in May 2015. It
is a static RMBS transaction, which securitizes a portfolio of
GBP855.38 million first-lien mortgage loans, both owner-occupied
and buy-to-let (BTL), secured on properties in the U.K.

The underlying loans in the securitized portfolio were originated
by Platform Funding Ltd. and GMAC-RFC Ltd. (now called Paratus AMC
Ltd.). The loans in the securitized portfolio will continue to be
serviced by Western Mortgage Services Ltd.

S&P considers the collateral to be nonconforming based on the
prevalence of loans to self-certified borrowers and borrowers with
adverse credit history, such as prior county court judgments
(CCJs), an individual voluntary arrangement, or a bankruptcy order.

S&P said, "Our rating on the class A notes addresses the timely
payment of interest and the ultimate payment of principal. Our
ratings on the class B-Dfrd to F-Dfrd notes reflect the ultimate
payment of interest and principal. Our rating definitions are in
line with the notes' terms and conditions."

The timely payment of interest on the class A notes is supported by
the principal borrowing mechanism and the liquidity reserve, which
is fully funded at closing to its required level.

S&P's ratings reflect its assessment of the transaction's payment
structure, cash flow mechanics, and the results of its cash flow
analysis to assess whether the notes would be repaid under stress
test scenarios. Subordination, a warranty reserve fund, excess
spread and the liquidity reserve fund provide credit enhancement to
the rated notes.

S&P said, "Our cash flow analysis indicates that the available
credit enhancement for the class C-Dfrd and E-Dfrd notes is
commensurate with higher ratings than those currently assigned. The
ratings on these notes also reflect their ability to withstand the
potential repercussions of the COVID-19 outbreak, including higher
default sensitivities also considering their relative positions in
the capital structure, and potential increased exposure to tail-end
risk.

"Similarly, our cash flow analysis on the class B-Dfrd notes also
indicated a higher rating than that assigned, but we do not
consider deferrable notes to be commensurate with our 'AAA (sf)'
rating.

"In our analysis, the class F-Dfrd notes are unable to withstand
the stresses we apply at our 'B' rating level. We do not consider
that meeting the obligations of this class of notes is reliant on
favorable business, financial, and economic conditions.
Consequently, we have assigned a 'B- (sf)' rating to the notes in
line with our criteria.

"There are no rating constraints in the transaction under our
counterparty, legal, operational risk, or structured finance
sovereign risk criteria. We consider the issuer to be bankruptcy
remote.

"Our credit and cash flow analysis and related assumptions consider
the ability of the transaction to withstand the potential
repercussions of the coronavirus outbreak, namely, higher defaults,
liquidity stresses, and longer recovery timing stresses.
Considering these factors, we believe that the available credit
enhancement is commensurate with the ratings assigned."

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. S&P is using this assumption in assessing
the economic and credit implications associated with the pandemic.
As the situation evolves, S&P will update its assumptions and
estimates accordingly.

  Ratings Assigned

  Class       Rating      Amount
                        (mil. GBP)
  A           AAA (sf)    666.345
  B-Dfrd      AA+ (sf)    32.504
  C-Dfrd      AA- (sf)    32.505
  D-Dfrd      A (sf)      24.378
  E-Dfrd      BB (sf)     20.316
  F-Dfrd      B- (sf)     8.126
  Z               NR      28.441
  S1 certs        NR      N/A
  S2 certs        NR      N/A
  Y certifs       NR      N/A
  VRR loan notes  NR      42.769

  NR--Not rated.
  N/A--Not applicable.


CALON ENERGY: Severn Power Station Placed in "Dormant" State
------------------------------------------------------------
Marcus Hughes at WalesOnline reports that Severn Power Station will
be placed into a "dormant state" after its energy firm owners went
into administration.

According to WalesOnline, the power station in Newport will be put
into a state of "managed preservation" to allow more time to
recover value for creditors, its administrators have revealed.

Calon Energy Limited, who operate sites at Severn Power Station,
Newport, Baglan Bay Power Station in Port Talbot and Sutton Bridge,
Lincolnshire, went into administration in June, WalesOnline
recounts.

Administrators KPMG said Sutton Bridge Power Station will also be
mothballed while Baglan Bay is currently unaffected, WalesOnline
notes.

Severn Power Station and Sutton Bridge each employs 68 workers,
while 38 staff are employed at Baglan Bay, WalesOnline discloses.

Jim Tucker and David Pike from KPMG's restructuring practice were
appointed joint administrators of a number of operating companies
of the Calon Energy group on Aug. 24, WalesOnline relates.

A KPMG spokesman, as cited by WalesOnline, said no jobs are
currently at risk and all staff are being retained at all sites
until at least Sept. 30.

The administrators will be reviewing workforce requirements in
October, according to WalesOnline.


LANEBROOK MORTGAGE 2020-1: Moody's Rates Cl. X Notes '(P)B3'
------------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
the following Classes of Notes to be issued by Lanebrook Mortgage
Transaction 2020-1 plc:

GBP[] M Class A1 Mortgage Backed Floating Rate Notes due 2057,
Assigned (P)Aaa (sf)

GBP[] M Class A2 Mortgage Backed Floating Rate Notes due 2057,
Assigned (P)Aaa (sf)

GBP[] M Class B Mortgage Backed Floating Rate Notes due 2057
Assigned (P)Aa1 (sf)

GBP[] M Class C Mortgage Backed Floating Rate Notes due 2057,
Assigned (P)Aa2 (sf)

GBP[] M Class D Mortgage Backed Floating Rate Notes due 2057,
Assigned (P)A2 (sf)

GBP[] M Class E Mortgage Backed Floating Rate Notes due 2057,
Assigned (P)Ba1 (sf)

GBP[] M Class X Mortgage Backed Floating Rate Notes due 2057,
Assigned (P)B3 (sf)

Moody's has not assigned ratings to the RC1 and RC2 Certificates.

The portfolio backing this transaction consists of UK buy-to-let
mortgage loans originated by The Mortgage Lender Limited ("TML",
NR). This represents the first rated BTL RMBS issuance from TML.

The portfolio current pool balance was approximately GBP 356.7
million as of 31 July 2020, the portfolio reference date. It
consists of 2,220 loans, secured by first ranking buy-to-let
mortgages on properties located in the UK.

RATINGS RATIONALE

The ratings take into account the credit quality of the underlying
mortgage loan pool, from which Moody's determined the MILAN Credit
Enhancement ("MILAN CE") and the portfolio expected loss, as well
as the transaction structure and legal considerations. The expected
portfolio loss of 2.5% and the MILAN required CE of 16.0% serve as
input parameters for Moody's cash flow model and tranching model.

Portfolio expected loss of 2.5%: This is higher than the UK Prime
RMBS sector average and is based on Moody's assessment of the
lifetime loss expectation for the pool taking into account: the
originator's limited historical performance data for buy-to-let
loans and benchmarking with other UK BTL prime RMBS transactions.
It also takes into account that all loans in the pool are current,
its UK BTL RMBS outlook and the UK economic environment.

MILAN CE of 16%: This is higher than both the UK Prime RMBS and the
UK BTL Prime RMBS sector average and follows Moody's assessment of
the loan-by-loan information taking into account following key
drivers: (i) the fact that the historical performance data is
limited; (ii) the weighted average CLTV of 72.5%; (iii) the low
seasoning of 1 year; (iv) the proportion of interest-only loans
93.1%; (v) a portfolio of buy-to-let loans; and (vi) the absence of
shared equity, fast track or self-certified loans.

Interest Rate Risk Analysis: As of the cut-off date, all loans in
the pool are fixed rate loans with the majority reverting to 3M
sterling LIBOR within a 5-year period on average. The floating rate
on the Notes is linked to SONIA. To mitigate the fixed floating
mismatch between the loans and the SONIA linked coupon on the
Notes, Lloyds Bank Corporate Markets plc (A1(cr)/P-1(cr)) will act
as the swap counterparty. The swap is an interest rate swap based
on the contracted amortisation of the pool without prepayments and
defaults.

Linkage to the Originator: TML acts as servicer in the transaction.
In order to mitigate the operational risk, Shawbrook (NR) acts as
the replacement servicer. The transaction also benefits from a
back-up servicer facilitator (Intertrust Management Limited (NR)).
To ensure payment continuity over the transaction's lifetime, the
transaction documents incorporate estimation language whereby the
cash manager Citibank, N.A., London Branch
(Aa3/(P)P-1/Aa3(cr)/P-1(cr)) can use the three most recent servicer
reports to determine the cash allocation in case no servicer report
is available.

The deal benefits from two amortising reserve funds. The general
reserve fund (2.0% of Class A to Class E at closing) will provide
liquidity support and ultimately credit enhancement to Class A to
Class E notes. The Class A and Class B liquidity reserve fund will
cover liquidity and ultimately credit enhancement for Class A and
Class B (1.5% of Class A and Class B). There is also principal to
pay interest as an additional source of liquidity for Class A Notes
with no condition, for Class B Notes if Class B PDL is below 25%,
and for Class C to E notes once they become the most senior note
outstanding.

Additionally, the deal benefits from a payment deferral reserve
fund sized at 0.40% of the closing pool balance which will be fully
funded on the closing date. On the first interest payment date, the
cash manager will apply all amounts standing to the credit of the
payment deferral reserve fund as available revenue receipts in
accordance with the Pre-Enforcement Revenue Priority of Payments.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Its analysis has considered the effect on the performance of
buy-to-let assets from the current weak UK economic activity and a
gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around its forecasts is unusually high.

Fitch regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in May
2020.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that may cause an upgrade of the ratings of the Notes
include significantly better than expected performance of the pool
together with an increase in credit enhancement of Notes.

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of servicing or cash management interruptions; and (ii) economic
conditions being worse than expected resulting in higher arrears
and losses.


LANEBROOK MORTGAGE 2020-1: S&P Assigns (P)BB+ Rating on X Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Lanebrook Mortgage Transaction 2020-1 PLC's mortgage-backed notes.

Lanebrook Mortgage Transaction 2020-1 is an RMBS transaction that
securitizes a portfolio of £356 million buy-to-let (BTL) mortgage
loans secured on properties in the U.K.

S&P said, "Our preliminary ratings address timely receipt of
interest and ultimate repayment of principal on the class A1 and A2
notes, and the ultimate payment of interest and principal on all
the other rated notes. Our preliminary ratings also address timely
receipt of interest on the class B–Dfrd to E-Dfrd notes when they
become the most senior outstanding."

The loans in the pool were originated between 2018 and 2020 by The
Mortgage Lender Ltd. (TML), a nonbank specialist lender, under a
forward flow agreement with Shawbrook Bank PLC.

The collateral comprises loans granted to experienced portfolio
landlords, none of whom have an adverse credit history.

The transaction benefits from liquidity support provided by a
reserve fund, and principal can be used to pay senior fees and
interest on the most senior notes.

Credit enhancement for the rated notes will consist of
subordination from the closing date and a reserve fund.

The transaction incorporates a swap to hedge the mismatch between
the notes, which pay a coupon based on the compounded daily
Sterling Overnight Interbank Average rate (SONIA), and the loans,
which pay a fixed rate of interest until they revert to a floating
rate.

At closing, Lanebrook Mortgage Transaction 2020-1 PLC will use the
proceeds of the notes to purchase and accept the assignment of the
seller's rights against the borrowers in the underlying portfolio.
The noteholders will benefit from the security granted in favor of
the security trustee, Citicorp Trustee Co. Ltd.

There are no rating constraints in the transaction under our
counterparty, operational risk, or structured finance sovereign
risk criteria. S&P considers the issuer to be bankruptcy remote.

As a result of the COVID-19 pandemic, up to 24.2% of TML's total
BTL book was granted a payment holiday of monthly mortgage
payments. This percentage has now decreased to 8.8%. To mitigate
this risk, the transaction features a payment holiday reserve fund,
which will be funded at 0.40% of the class A to E-Dfrd notes'
balance at closing.

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions, but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. S&P said, "We are using this assumption in
assessing the economic and credit implications associated with the
pandemic. As the situation evolves, we will update our assumptions
and estimates accordingly."

  Preliminary Ratings

  Class     Prelim. rating    Class size (%)
  A1         AAA (sf)          60.50
  A2         AAA (sf)          24.00
  B-Dfrd     AA (sf)            5.50
  C-Dfrd     A (sf)             4.00
  D-Dfrd     BBB (sf)           3.00
  E-Dfrd     BB (sf)            3.00
  X-Dfrd     BB+ (sf)           2.40
  RC1 Certs  NR                 N/A
  RC2 Certs  NR                 N/A

  NR--Not rated.
  N/A--Not applicable.


PIZZA HUT: To Shut Down Two Scottish Branches Under CVA Proposal
----------------------------------------------------------------
Rachel Mackie at The Scotsman reports that restaurant chain Pizza
Hut has announced that two Scottish branches will be among the 29
that will be closing down.

The branch in Cumbernauld and the branch in Great Western Retail
Park in Glasgow will both shut down, The Scotsman discloses.

The chain has announced that 450 jobs will be cut as the 29 UK
stores close, The Scotsman states.

It is the latest of a raft of dining chains to launch a company
voluntary arrangement (CVA) restructuring deal to avoid collapse,
The Scotsman notes.

According to The Scotsman, Pizza Hut said it has put forward the
proposals as "sales are not expected to fully bounce back until
well into 2021" despite a quick and safe reopening of sites.

A spokeswoman for the chain, as cited by The Scotsman, said: "We
are doing everything we can to redeploy our team members from our
Pizza Hut Restaurants locations that are closing and minimise the
impact to our workforce.

"We are therefore unable to share exact job loss numbers for each
Hut.

"We understand this is a difficult time for everyone involved and
are supporting our team members as much as possible throughout this
transition."

Bosses were forced to renegotiate their rents through the CVA
restructuring deal after revealing it faced "significant
disruption" from the pandemic, The Scotsman notes

It said the measures aim to protect about 5,000 jobs across its
remaining restaurants as well as the "longevity" of the business,
The Scotsman relays.

The move will not affect operations or jobs at Pizza Hut Delivery
or related franchises, The Scotsman says.


TORO PRIVATE: Fitch Cuts LT IDR to C on Debt Exchange Announcement
------------------------------------------------------------------
Fitch Ratings has downgraded Toro Private Holding I, Ltd
(Travelport) Long-Term Issuer Default Rating (IDR) to 'C' from
'CCC+' on the announcement of the company's proposed debt exchange
offer to lenders. Fitch also downgraded both the first-lien and
second-lien ratings to 'C', from 'CCC+' and 'CCC-' respectively.

The downgrade reflects Travelport's intention to enter into a new
transaction with existing lenders that would create a new priority
first-lien creditor class and substantially reduce the current
second-lien facilities. The transaction would lead to a material
reduction in terms for both current first- and second-lien lenders,
with conversions from both creditor classes at a discount to par.
In the case of first-lien lenders, the remaining portion of
non-converted first-lien facilities would become structurally
subordinated to the new senior creditor class with materially
reduced recovery prospects. This is expected to result in a change
of their Recovery Rating to 'RR6' from 'RR4'.

Fitch views the transaction as a distressed debt exchange (DDE) as
elements of conditionality to enter transaction were outweighed by
the combination of a stressed credit profile, material reduction in
terms and above-market compensation for the new priority creditor
class.

If the transaction is consented to, upon completion of the DDE,
Fitch will downgrade Travelport's Long-Term Issuer IDR to 'RD'
(Restricted Default) before assigning a new rating based on the
group's business prospects and new capital structure. Based on
indicative terms, the IDR is expected to remain within the 'CCC'
range.

KEY RATING DRIVERS

Transaction will Constitute a DDE: The transaction on a net basis
would reduce the current first-lien facilities by USD120 million in
tandem with structurally subordinating the non-converted USD1,675
million (remaining term loan B and revolving credit facility) to
the newly created super-priority first-lien. Second-lien loans will
be repurchased at 75% of par and converted into new first-lien
loans, losing 400bs in coupon while not benefiting from any
structural enhancement or material improvement in recovery
prospects. Fitch understands from management that the transaction
would resolve the ongoing legal dispute between the company and
lenders regarding collateral leakage from the restricted group in
June 2020.

Severe Impact from Coronavirus: The disruption to global travel
caused by the pandemic severely impacted Travelport's business. The
depth and duration of the outbreak and corresponding disruption to
booking volumes weigh heavily on the near- term operating outlook
and spike in leverage. Nevertheless, decline in Travelport's
booking revenues during 1H20 does not indicate lost market share as
performance remains commensurate with that of direct peers Amadeus
and Sabre, Inc.

Large Debt Burden: Travelport relies on a speedy recovery in global
travel given its increasingly leveraged balance sheet with debt
service obligations constituting about half of Fitch-defined EBITDA
for 2019. The envisaged transaction would not materially reduce
this debt burden.

Intact Business Model: The sector outlook is negative given the
disruption to global travel in 2020, which may be accentuated if
the current circumstances result in sustained economic weakness in
2021. Nevertheless, Fitch views Travelport's business model as
intact given the company's entrenched position in the global
distribution system (GDS) market, albeit highly susceptible to
lower demand over the next four years. Travelport's recovery could
deviate from global travel trends due to customer losses driven by
customers shifting between GDS platforms, or those forced out of
business by the heightened disruption to the travel industry.

DERIVATION SUMMARY

Travelport's rating reflects a well-established position in the
travel industry, with a 21% market share in the dominant GDS
segment that has historically provided a high proportion of
recurring revenues. This position provides the company with an
advantage to further develop technology and data solutions to
travel buyers and providers. Sabreis the most comparable peer with
a higher market share of the GDS segment at 36% in 2018,
structurally higher margins and notably lower leverage.

KEY ASSUMPTIONS

  - Net revenue to decline 70% in 2020, with lost volumes heavily
accentuated by cancellations. Travel demand to see modest recovery
beginning in 2021, with revenues roughly 20% below 2019 levels.

KEY RECOVERY RATING ASSUMPTIONS (CURRENT CAPITAL STRUCTURE)

  - Travelport would be considered a going-concern in bankruptcy
and be reorganised rather than liquidated given its asset-light
business model.

  - Travelport's estimated going-concern post-restructuring EBITDA
of USD386 million represents a discount of 20% to 2019's
Fitch-adjusted EBITDA of USD483 million (including customer loyalty
payments and equity compensation treated as operating costs).

  - Fitch applied a distressed enterprise value (EV)/EBITDA
multiple to the estimated going-concern post-restructuring EBITDA
of 5.0x, balancing medium-term uncertainties over the recovery in
global passenger numbers, including business travel, with
Travelport's entrenched position in the GDS sector.

  - Based on the payment waterfall by priority-instrument ranking,
Fitch assumes that the new notes issued outside the restricted
group by Travelport will be structurally senior to the rest of the
debt in the capital structure given its claim to the recently
transferred intellectual property assets from the restricted group.
Fitch envisages that the existing total USD500 million debt,
including USD280 million of delayed drawn notes, would be utilised
prior to an event of default. Thereafter, both the RCF of USD150
million (assumed to remain fully drawn in the event of default),
and the USD2.8 billion first-lien term loan B will rank pari passu
to each other, but subordinated to the newly issued notes by
Travelport.

After deducting 10% for administrative claims, its principal
waterfall analysis under the existing capital structure generates a
ranked recovery for senior secured creditors in the 'RR4' category,
leading to a 'C' instrument rating, aligned with the IDR. The
waterfall analysis output percentage based on current metrics and
assumptions is 42%. The USD500 million second-lien term loan B
remains at 'RR6' with 0% expected recoveries, leading to a 'C'
instrument rating.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade (current capital structure):

  - A direct multi-notch upgrade of the IDR could occur if the
transaction is not implemented, thus leaving intact the existing
liquidity commitments from shareholders and affiliates to
Travelport.

Factors that could, individually or collectively, lead to negative
rating action/downgrade (current capital structure):

  - Implementation of a DDE, by way of debt recapitalisation
according to the terms presented, would lead to a downgrade to
'RD'.

LIQUIDITY AND DEBT STRUCTURE

Minimal Liquidity Headroom: Available liquidity to Travelport is
not increased under the proposed transaction as it will be
refinancing the total commitment (USD500 million) provided by
shareholders and affiliates in June 2020. Under previous
assumptions, Fitch forecasts the USD280 million of delayed draw
notes, part of June's total commitment would be drawn/issued by
1Q21 to support liquidity.

The newly injected capital alleviated short-term liquidity risks,
but only provides minimal headroom as high overall interest
payments would see any sustained weakening in trading exhaust the
remaining headroom, resulting in further capital needs. Under the
transaction it is intended that the RCF will be termed out into
loans between both liens, with the split to be determined by final
commitments. It is not envisaged that a new RCF will be part of the
capital structure post-transaction.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).



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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
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Editors.

Copyright 2020.  All rights reserved.  ISSN 1529-2754.

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